Polygon is a platform that is built on the Ethereum blockchain that facilitates the creation of decentralized apps. It was launched as Matic Network in 2017 and had been gaining popularity since then. Polygon as a cryptocurrency has become increasingly popular since its launch as it eliminates the scalability problems associated with Ethereum, all while keeping its decentralized and unregulated nature.
The cryptocurrency market had a bad time since China’s ban on the mining and trade of cryptocurrencies, which caused a lot of investors and traders to sell their share of cryptic values in a hurry, even incurring huge losses amounting to millions. Even though almost every cryptocurrency suffered huge losses, Polygon was not affected as much by the cryptocurrency market’s volatile nature; it even secured its place in the top 20 cryptocurrencies worldwide in terms of market capitalization. It is an open-source technology, enabling traders to bypass the security of the Ethereum network by using smart contracts.
Bitcoin and Ethereum are leading the cryptocurrency market, accounting for close to 80% of the total market capitalization of all cryptocurrencies. However, investors are looking out for newer tokens of trade that have not yet reached their maturity and are still in the rally stages. Considering the highlights of Polygon, investors are looking at cryptocurrency as an investment in the future with promising returns as per the market trends.
This relatively new cryptocurrency already has a large number of onlookers and investors who are willing to invest in this digital currency over other larger and more expensive substitutes. With close to 75,000 new Polygon traders signing up for trade each day, the numbers are steadily rising to depict the increasing popularity of this cryptocurrency among traders and investors alike.
Being a layer two network, Polygon also eliminates the hefty transaction fees to the miners, making it even more desirable and a practical choice for traders across the globe. With the growing popularity of cryptocurrency trade worldwide, more and more users are signing up on trading apps and starting a small-scale trading session, and with Bitcoin and Ether prices increasing daily, they are increasingly moving out of reach for small-scale traders. Investing in smaller, more widely accessible cryptocurrency tokens proves to be a smart choice for people who are looking to start trading. Market trends may fool you at times with its surge in prices, but one has to keep in mind that even though Polygon is outperforming many of its competitors, it still falls under the cryptocurrency trade, which is highly unpredictable, and it is advised to thoroughly study the market trends before becoming an active member of the trading community.