On Wednesday, Polygon (MATIC) was one of the strongest performers among high-ranking cryptocurrencies, rising about 17 percent to an intraday high of $1.825.
The gains came as part of a synchronized resurgence in the crypto market that began on January 24. Investors and dealers poured over $250 billion into digital assets, benefitting Bitcoin (BTC), Ether (ETH), and a slew of other cryptocurrencies. Polygon, a supplementary scaling solution for the Ethereum blockchain, also profited from the uptick in the cryptocurrency market.Â
MATIC, the company’s native token, surged in value from $9.77 billion on January 24 to $13.58 billion two days later. In the same time frame, the price surged from $1.312 to $1.825, a roughly 40% increase in just three days.
Meeting of the Federal Reserve and high-profile hiring
The current round of purchasing in the Polygon market appeared to be timed to coincide with the Federal Reserve’s announcement of an interest rate hike on Wednesday afternoon.
In particular, cryptocurrencies have experienced multiple price swings in recent months due to concerns that the US Federal Reserve will begin a series of interest rate rises to combat inflation. Similarly, the possibility of the Fed’s balance sheet shrinking and increasing rates has harmed stock markets.
People may anticipate the Fed to tone down its rate rise rhetoric in light of recent stock market volatility and a growing gap between Ukraine and Russia that has drawn in NATO members’ attention, according to Luca Paolini, the chief strategist at Pictet Asset Management.
Waiting for the FED to speak today.— David Gokhshtein (@davidgokhshtein) January 26, 2022
On Wednesday, Polygon (MATIC) was one of the strongest performers among high-ranking cryptocurrencies, rising about 17 percent to an intraday high of $1.825.
The gains came as part of a synchronized resurgence in the crypto market that began on January 24. Investors and dealers poured over $250 billion into digital assets, benefitting Bitcoin (BTC), Ether (ETH), and a slew of other cryptocurrencies.
Despite this, Polygon outperformed top competitors Bitcoin and Ethereum in terms of intraday increases, and it appears that a high-profile hire was the driving force behind it.
According to reports YouTube’s head of gaming, Ryan Watts, has left the streaming behemoth to join Polygon Studios, a gaming and nonfungible token (NFT) company funded by the $100 million fund of the eponymous layer-2 protocol.
The revelation appears to have piqued investors’ interest in MATIC, causing it to outperform other large-cap cryptocurrencies.
Huge news for $matic — Lark Davis (@TheCryptoLark) January 25, 2022
key support levels have remained stable
MATIC’s strong recovery sent the price back above its 200-day exponential moving average (200-day EMA; blue wave in chart below), a key level for reducing the market’s bearish bias.
key support levels have remained stable
MATIC‘s strong recovery sent the price back above its 200-day exponential moving average (200-day EMA; blue wave in the chart below), a key level for reducing the market’s bearish bias.
