Traction around Polygon’s network MATIC token is at an all-time high as MATIC’s price action sees it continuously break new peak price records parallel to the increasing number of active wallets trading the token.
The scaling solutions’ token has enjoyed a massive increase in relevance in the last quarter of this year, showcased in its constantly increasing all-time high price value.
Scalability On Ethereum Blockchain and Polygon Network Solutions
The scalability problem on the Ethereum Blockchain describes the series of issues that crop up when the network hosts many transactions simultaneously. The issues range from congestion to high transaction fees that may sometimes be ridiculous.
As a creative and competitive industry, various solutions protocols that can be integrated into the various Ether networks have been developed and are seeing increasing relevance and attention in the DeFi sector globally.
Polygon Networks lab is a pristine example of such setups that aim to utilize unique proprietary solutions that have the edge over the default network protocols to solve the scalability problem on Ether networks.
The solution’s protocol has developed its layer 2 network solution leveraged on the default Blockchain framework. Its recent announcement regarding its focus and venturing into layer 3 network protocols have increased the relevance of the solutions in the crypto industry.
This increased relevance is reflected in its MATIC token, making it arguably one of the most successful tokens based on price gain this December.
MATIC’s Development On The Network
This December, MATIC, Polygon’s network pilot crypto-token, was notedly the most relevant digital asset in the global crypto market.
Various market sell-offs that saw virtually all cryptocurrencies dump couldn’t shake MATIC’s position as it continued to gain price value through the sell-offs.
According to network activity metrics, the number of assets actively utilizing the token jumped by 15,500 units after its early December peak price value.
However, the token mostly maintained downward trends outside price-breaking bullish actions, contradicting its network activity graphs and assets price index.
Investors at times are confused on what actions to take regarding the token, as there is a noticeable divergence between noticeable price chart trends and its actual network activity chart.
Traders and investors have reportedly utilized network activity metrics to read into the token’s price actions through various discussion communities and platforms. Supposedly from the chart, traders in the industry could notice different spikes in network activities anytime the token rallies.
MATIC Price Action
While the divergence between price value and network activity exists, the speculative nature of the crypto market more than compensates for the variation through net positive price action.
Short-term investors, traders, and retail scalpers constitute a significant factor for MATIC’s net positive price index. They invest in the token to make quick profits from a slight marginal increase in its almost certain coming rally.
MATIC has gained over 40% since the start of the month, making it one of the top gainers of December. It has now entered the ranks of the top 15 most valuable tokens by market capitalization according to CoinMarketCap rankings of cryptocurrency. It currently trades at $2.82 and is ranked 14th in Coinmarketcap’s rankings as of press time.