MATIC rises 17% in 7 days: Can the momentum sustain?

MATIC rises 17% in 7 days: Can the momentum sustain?

October 24, 2023

By Himalay Patel

Realistic or not, here’s MATIC’s market cap in BTC’s terms

MATIC capitalized on the latest altcoin resurgence, marking a decoupling trend from Bitcoin.

The Polygon zkEVM network offered optimism, as it experienced a 40% TVL increase and reached an all-time high.

Amidst the recent surge in Bitcoin’s price, several altcoins have seized the opportunity to shine. Specifically, Polygon [MATIC] experienced a significant boost.

MATIC on the rise

MATIC’s recent ascent can be attributed to the broader altcoin resurgence that coincided with Bitcoin’s [BTC] latest push beyond the $30,000 mark.

Unlike previous instances where Bitcoin’s rise overshadowed other digital assets, this time, altcoins like MATIC have displayed remarkable decoupling from Bitcoin’s price, as reported by Santiment.

On 12 October, MATIC faced a significant test when it approached the $0.501 support level. The token not only overcame this hurdle, but surged by an impressive 25%. At the time of writing, MATIC was trading at $0.634, reflecting its substantial growth in a short period.