• Polygon (MATIC) is experiencing a bullish trend as the launch of its zkEVM Network update approaches.
• The past 24 hours have seen MATIC spike in price by 8.6%, mirroring the altcoin market’s bullish trend.
• MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing.
The crypto market is experiencing a bullish trend, with multiple crypto assets reaching new highs. One such asset is Polygon (MATIC), which is thriving to reach its peak and beyond. The cause of this rally is unclear, however, it is speculated that Polygon’s upcoming zkEVM Network update could be a contributing factor.
Polygon is a layer-2 scaling solution built on top of the Ethereum blockchain to improve the network’s scalability. This update is one of the many plans the developers of the Polygon network have announced in order to enhance the layer-2 scaling solution. According to Polygon co-founder Sandeep Nailwal’s recent tweet, the anticipated zkEVM comes soon as the mainnet launch now has an official date, which is fast approaching.
The past 24 hours have seen MATIC spike in price by 8.6%, a reflection of the altcoin market’s bullish trend as the global cryptocurrency market capitalization still holds steady above the previously amassed $1 trillion mark. MATIC price is moving sideways on the 1-day chart.
MATIC has seen a continual rally since the beginning of the year. The asset has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing. The 1-day chart still indicates more rallies as there is still liquidity at the current price level.
Overall, the market appears to be confident in Polygon’s upcoming update, with investors continuing to pour more funds into the asset. While the exact cause of the rally is still unknown, it is clear that the asset is making waves in the crypto market. With the mainnet launch now having an official date, investors and enthusiasts alike will be looking forward to the results of the update, and what kind of effect it will have on the asset and the wider crypto market.