Polygon, previously known as Matic Network, is a cryptocurrency made by three Indian engineers with a far-fetched aim of becoming the third-largest cryptocurrency in the world after Bitcoin and Ethereum. While the cryptocurrency trade market has collectively fallen over the last few days, Polygon and Cardano are rising. Surprisingly, according to WazirX price charts, Polygon’s market value increased about 30% since yesterday. This new digital currency has proven to be a gainer in recent times, especially since the beginning of 2021.
Polygon has proven to be the most profitable trade cryptocurrency for traders and investors alike. Several speculate that its prices are probably growing as much as $10 per token by the end of this year. This cryptocurrency crossed over $13 billion in trade market capitalization, swiftly making its way past the top 20 cryptocurrencies in the world. Since February, this cryptocurrency has seen a rise in the value of over 1000%, making it one of the most profitable tokens on trade.
With the increasing popularity of cryptocurrency trade in India, traders are looking for reliable and newer cryptocurrencies to start trading and Polygon being a new cryptocurrency in the market, making huge profits poses as a viable option. In 2019, Polygon tokens were distributed through Binance initial exchange, raising a respectable $5 million. There were speculations of a blanket ban on cryptocurrencies, and even a regulatory uncertainty, which has caused its slow rise in terms of cryptocurrency exchange patterns.
With majorities of cryptocurrencies being western-centric, this Indian cryptocurrency has to work harder to capture the market’s attention due to the weak currency patterns. In April, Polygon has collaborated with Infosys as a consulting powerhouse to include non-fungible transfers, Decentralized finances, and multiple insurances in the whole polygon ecosystem. As the Polygon network runs with the ethereum network blockchain, it had the advantage of being a cheaper alternative to the mainstream cryptocurrency. For the majority of traders, a more affordable alternative and booming cryptocurrency are all they need to step into the crypto trade and make good profits.
Starting with yet another cryptocurrency based on the ethereum platform, Polygon was launched to beat other competing cryptocurrencies and secure its place in the top 3 cryptocurrencies available in the market. As the trend follows, the vision of three engineers does not seem worthless. Polygon has increased in value manifold and continues to grow at a steady pace. It has become the go-to cryptocurrency for many globally, as a cheaper and reliable token of the trade working on the trusted ethereum platform. With the current situation on financial regulations in India, the rise in the value of this Indian cryptocurrency seems unaffected.