Altcoins
Polygon MATIC Price Prediction After PoS Hard Fork
Polygon MATIC price has surged in the past few weeks. The token surged to a high of $1.05, the highest level since November 12. It has surged by more than 34% from the lowest point in 2023. This makes it one of the top-performing cryptocurrencies in the industry. It has a total market cap of more than $8.8 billion, making it the tenth biggest coin in the world.
Polygon ecosystem growth
Polygon is a leading blockchain project that provides layer-2 scaling solutions to Ethereum developers. It helps to supercharge blockchain apps built on Ethereum’s platform. For example, it boosts dApp speeds since Ethereum’s speeds are significantly low. At the same time, the sidechain lowers costs to just a few cents.
MATIC price has risen as Polygon’s ecosystem has continued doing well. According to DeFi Llama, there are 355 DeFi apps in its ecosystem that have a total value locked (TVL) of more than $1.16 billion. This TVL has jumped by more than 14% in the past 7 days. It is the fourth-biggest DeFi app in its ecosystem.
Most DeFi players in Polygon have had substantial inflows in the past few days. AAVE’s TVL rose by more than 22% in the past 30 days. Similarly, QuickSwap, Balancer, Uniswap V3, Beefy, and Curve have seen their TVLs jump by more than 20% in the same period.
Polygon price rose after the latest Polygon PoS network upgrade. The new upgrade introduced reduced gas spikes and upgraded its validator program. In most cases, cryptocurrencies tend to jump ahead after a network upgrade. In a note, the developers said this about the hard fork.
“By increasing the denominator from 8 to 16, the growth curve can be flattened. These results were backtested against historical Polygon PoS mainnet data. The expectation is that the rate of change for the base gas fee will fall to 6.25%.”
MATIC price prediction
The daily chart shows that the Polygon MATIC price has been in a strong bullish trend in the past few days. As it rose, it moved above the key resistance level at $0.95, the highest point on December 7. It also moved above all moving averages while oscillators continued soaring. Therefore, the coin will likely continue soaring as buyers target the key resistance level at $1.20.
Ethereum price has been in consolidation mode for the past few days as macroeconomic concerns send investors into conservation mode. At the time of writing, Ethereum was trading slightly higher at $1,832.32. ETH’s total market cap, as well as its total volume, have increased over the past 24 hours. It currently has a market capitalization of $220 billion.
Fundamental Analysis
Ethereum price has been moving sideways for the past few days, in tandem with the global cryptocurrency market as investors shift their focus to US debt ceiling talks and Fed’s monetary policy outlook. The global crypto market cap has increased by 1.30% over the last day to $1.13 trillion, while the total crypto market volume fell by more than 7%.
The cryptocurrency market has been moving sideways for the past few days characterized by a mix of bullish and bearish trading sessions. The recent trend in the cryptocurrency market has been amid the uncertainty around the outcome of the US debt ceiling talks and the prospect of a US government default. With less than a week to default, investors have shifted to conservation mode, especially around risk assets such as cryptocurrencies.
Potential interest rate hikes by the US Federal Reserve have also been weighing on the markets. Traders have ramped up bets of an interest rate hike in the Fed’s next meeting in June after several policymakers sounded their support. According to a gauge released on Friday,…
Polkadot price has been under intense pressure for the past few days amid the recent bearish sentiment in the crypto market. At the time of writing, DOT was barely unchanged, trading at $5.351. The altcoin has dipped more than 25% for the past month but remains 24.23% higher in the year to date. The asset’s total market cap has slipped over the last day to $6.343 billion, ranking it the 13th largest cryptocurrency.
Is the Worst Yet to Come?
Polkadot price has been consolidating for the past few days amid the recent sell-off in the crypto market. Statistics by Coinmarketcap show that the global crypto market cap has dropped 1.29% over the last day to $1.13 trillion, while the total crypto market volume decreased by nearly 7%.
The biggest cryptocurrencies, Bitcoin and Ethereum, have been in a freefall for the past few days, falling to $26,880 and $1,807, respectively. Most altcoins, including BNB, Cardano, Solana, Shiba Inu, and Avalanche, have plunged seeing that most altcoins move in tandem with the performance of heavyweights Bitcoin and Ethereum.
Looking ahead at the global market mayhem with the US debt ceiling debate and the US banking crisis, investors expect more downside in the crypto market. The US dollar has continued growing stronger, hovering around a six-month high against the Yen, as optimism around the US debt ceiling talks in Washington raised expectations of higher-for-longer interest rates.
Two…
Ethereum price has been in the green for two consecutive days but is not out of the woods yet, as the altcoin remains below the crucial $1,900 level. At the time of writing, ETH was trading 1.51% higher at $1,826.50. Despite the current slight improvement in the asset’s price, Ethereum remains 2.38% lower in the past week and 15% below its highest level this year. The asset’s total market cap, as well as its volume, has improved over the last day.
Fundamentals
Ethereum price has been setting the path for both major and minor altcoins in the crypto market, seeing that most altcoins move in tandem with ETH’s performance. The Ethereum price has been trading around $1,800 for the past few days amid uncertainty regarding where the market would go. Ethereum, the largest altcoin by market cap, has plunged more than 10% in the past few days.
Concerns by investors about the coin’s losses could have driven the ETH price lower. Even so, optimism in the market has outweighed fear, preventing a drastic downfall of the asset. Most of the fear in the market was visible in the whales, who seemed to have bolted at the first sight of a potential downward trajectory.
The cryptocurrency market was in the green on Monday, hinting at a recovery on the back of a weak US Dollar. Data by Coinmarketcap shows that the global crypto market cap…
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