Many investors have been taken aback by the recent Bitcoin crash. The disaster involving FTX and Binance has ended up causing the Bitcoin price, and thus the prices of other cryptocurrencies, to drop like a stone significantly. However, one coin has seen a sharp rise in the last 1-2 days: Polygon’s MATIC coin. Polygon (MATIC) could be the best cryptocurrency in 2023. This article is all bout the Polygon price prediction and can MATIC reach $3 in 2023. Let’s take a look at it in more detail.
Polygon Price Prediction: What is Polygon (MATIC)?
Polygon is an Ethereum Blockchain scaling solution. It should make transactions faster and more efficient. Polygon utilizes “sidechains” to better distribute the transaction load on Ethereum. This is the intent of a layer 2 solution.
For years, the Ethereum blockchain has struggled with slow transaction speeds and high gas fees. Polygon provides so-called “parachains,” which can take over the transaction load from Ethereum, particularly when smart contracts are executed.
The entire network was previously known as MATIC, and it was solely focused on increasing Ethereum scalability. The network then rebranded to Polygon in 2021, intending to become “Ethereum’s Internet of Blockchains.” Polygon wishes to make Ethereum a multi-chain network.
What has happened to the polygon (MATIC price) in the last few days?
Unlike many other cryptocurrencies, the Polygon (MATIC) price has only fallen slightly in recent days. The MATIC dropped from $1.28 to $0.78 before recovering to $1.10. Polygon (MATIC) was thus able to nearly regain its pre-crash value following the market’s massive crash. At the time of writing this article, the price is trading at $1.09.
Polygon also saw a significant increase before the crash. In the case of Polygon (MATIC), this means that the MATIC coin has made a profit in the last seven days. Polygon (MATIC) has even risen to the top ten cryptocurrencies in terms of market capitalization.
What is the secret to Polygon’s (MATIC) success?
Polygon (MATIC) had a very successful year in 2021. This year’s price dropped dramatically. Yet, given the bear market, this was anticipated. However, we must compare the performance of the MATIC Coin to that of the other coins. So we can notice that Polygon has consistently climbed the cryptocurrency list and is now in the top ten.
The Ethereum Merge was the big event in the 2022 crypto market in September. This should make Ethereum more efficient and, most importantly, scalable. However, increasing Ethereum’s scalability is a long-term endeavor. Polygon is the faster alternative in the Ethereum ecosystem, so its popularity could skyrocket in 2023.
Polygon was recently chosen as the blockchain for Instagram’s NFTs. In the future, Instagram users should be able to mine NFTs. The Polygon blockchain was reportedly chosen for its speed and efficiency. Furthermore, JP Morgan Chase recently completed the first blockchain transaction using Polygon (MATIC). This demonstrates how popular Polygon is as a blockchain with many businesses.
Polygon Price Prediction: Can MATIC Price Reach $3 in 2023?
— Polygon – MATIC (@0xPolygon)
Many analysts have long considered the MATIC Coin to be an insider tip. The Polygon Blockchain’s enormous potential is now becoming clear. Polygon should continue to grow in popularity, especially if Ethereum takes some time to improve its scalability.
We must wait and see how Ethereum develops in the coming months and years. However, for the time being, Polygon is an excellent choice for decentralized applications due to its combination of scalability and reliability as a member of the Ethereum ecosystem. The network is also trying to expand all the time.
Polygon is now more than just an Ethereum scaling solution. Polygon has previously benefited greatly from existing Ethereum blockchain partnerships. The growing issues with high fees and slow speeds heightened interest in Polygon. Now that the Merge has concluded, MATIC is likely to rise as well.
Is the MATIC Coin a good investment in 2023?
We are currently in a bear market. Cryptocurrency prices are much lower than they were during bullish periods. Because the bull market is expected to resume in the medium and long term, an investment in Polygon’s MATIC token at the current comparatively low prices should be worthwhile.
Polygon’s MATIC coin could be a good investment right now. There is a chance that Polygon is currently on a peak. However, the potential for 2023 appears to be enormous. Above all, the market is expected to turn bullish again next year.