{"id":273273,"date":"2022-11-07T19:38:02","date_gmt":"2022-11-07T19:38:02","guid":{"rendered":"https:\/\/cryptoslate.com\/?p=273273"},"modified":"2022-11-07T19:38:02","modified_gmt":"2022-11-07T19:38:02","slug":"strong-polygon-rally-outperforms-bitcoin-other-large-caps","status":"publish","type":"post","link":"https:\/\/cryptoslate.com\/strong-polygon-rally-outperforms-bitcoin-other-large-caps\/","title":{"rendered":"Strong Polygon rally outperforms Bitcoin, other large caps"},"content":{"rendered":"

Data compiled by CryptoSlate shows Polygon (MATIC) has outperformed other large caps, in Bitcoin terms, since Nov. 4.<\/p>\n

Moreover, this trend continues to hold amid an essentially flat market, leading to a return of bullish sentiment for the Ethereum layer 2 chain.<\/p>\n

\"Polygon
Source: CryptoSlate.com<\/figcaption><\/figure>\n

Drilling down into the weekly MATICBTC price chart, the current 0.00006085 price marks a 77-week high against the leading cryptocurrency.<\/p>\n

The performance is particularly notable, considering Bitcoin cracked $21,000 for the first time since mid-September during this period, and Bitcoin dominance remains above 40% of the total cryptocurrency market.<\/p>\n

\"Polygon
Source: MATICBTC on TradingView.com<\/figcaption><\/figure>\n

Polygon on a tear<\/h2>\n

The price of Polygon in dollar terms has been grinding higher since Sept. 22, having found support at $0.6990.<\/p>\n

A 26% upside spike on Friday, November 4, saw MATIC break decisively above $1.04 resistance to close the day at $1.17. A weekend lull was followed by further gains for Monday, seeing the price reach as high as $1.2789 – but failing to retest $1.3079 resistance two days earlier at the time of press.<\/p>\n

\"Polygon
Source: MATICUSD on TradingView.com<\/figcaption><\/figure>\n

Since the Sept.\u00a022 local bottom, Polygon has increased in value by 80%. Although the current price is way below both its all-time and opening-year value, several fundamental developments have piqued investor expectations.<\/p>\n

Fundamental developments<\/h2>\n

On Nov. 2, investment bank JPMorgan<\/a> announced it had executed its first live trade on the Polygon chain as part of its pilot program for the Monetary Authority of Singapore's (MAS) Project Guardian.<\/p>\n

“Project Guardian is an initiative of MAS with financial institutions such as JP Morgan, Marketnode, and DBS Bank Ltd. Its focus is on use cases for asset tokenization and DeFi.”<\/p><\/blockquote>\n

In addition, Instagram's parent company Meta<\/a> also recently announced partnering with Polygon. The social network is rolling out a pilot program in the U.S. for minting and selling NFTs directly via the Instagram platform.<\/p>\n

“Creators will soon be able to make their own digital collectibles on Instagram and sell them to fans, both on and off Instagram.”<\/p><\/blockquote>\n

Meta said they intend to extend the program to other jurisdictions soon.<\/p>\n

Following these announcements, Polygon co-founder Sandeep Nailwal warned other large caps, saying he “will not rest” until Polygon climbs into the third spot by market cap.<\/p>\n

\n

I will not rest till @0xPolygon<\/a> gets its well deserved \u201cTop 3\u201d spot alongside BTC & ETH. <\/p>\n

No other project comes even close.<\/p>\n

In one day, @jpmorgan<\/a> & @instagram<\/a> launched with @0xPolygon<\/a><\/p>\n

This is all when Worlds first \u201cFULLY BUILT zkEVM\u201d mainnet is almost here, its not .. 1\/2<\/p>\n

— Sandeep | Polygon \ud83d\udc9c\ud83d\udd1d3\ufe0f\u20e3 (@sandeepnailwal) November 3, 2022<\/a><\/p><\/blockquote>\n