3 reasons Polygon (MATIC) is outperforming Bitcoin and major cryptocurrencies this week

Polygon (MATIC) is in a fertile time. In the latter case, it gained 35%, outperforming all major cryptocurrencies except Uniswap.

There are several key reasons for MATIC’s strong upward trend, including: the growing hype about Polygon, the announcement of the integration with Google’s BigQuery and the investment by Mark Cuban.

Diagram of the 1-day candle from MATIC (Binance). Source: TradingView.com

The feel and hype hasn’t stopped growing around Polygon

On February 9th, Matic first announced plans to change its name to Polygon. At that time, they brought in and integrated promising Metaverse projects Matic plasma chains.

3 reasons Polygon (MATIC) is outperforming Bitcoin and major cryptocurrencies this week
3 reasons Polygon (MATIC) is outperforming Bitcoin and major cryptocurrencies this week

By implementing the plasma chains, Polygon was able to provide a first-class blockchain network with scaling solutions already integrated for the projects.

The Polygon team said in February:

“We implemented and offered Matic Plasma Chains, a predicate-based plasma implementation ready for Ethereum Layer 2 production. We implemented and offered Matic PoS Chain, a permissionless Ethereum sidechain that is compatible with the Ethereum Virtual Machine and is protected by proof-of-stake. We have integrated over 80 great apps including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh and EasyFi. They are added every day. “

Since then, Polygon has grown into a major Layer 2 blockchain project designed specifically for Metaverse projects. The user base has skyrocketed since mid-February.

Polygon is one of the ten best cryptocurrencies by social volume. Source: Lunar Crush

Rising fundamentals also appear to be driving general market sentiment towards the Layer 2 project.

The upward momentum for MATIC was captured by VORTECS ™ data from Cointelegraph Markets Pro, which began to see a positive outlook ahead of recent highs earlier this week.

The VORTECS ™ score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points such as market sentiment, trading volume, recent price movements and activity on Twitter.

VORTECS score (green) compared to the MATIC price. Fuete: Cointelegraph Markets Pro

As seen in the graphic above, The VORTECS ™ score turned green on the morning of May 24th and rose to a high of 94 on May 27th as the price hit its recent highs above the USD 2.30 level.

Announcement of the integration with Google BigQuery

In addition to several recent major events, including a Reindeer polygon bridge for seven large crypto assets and the release of its SDK for creating Ethereum-compatible chains, Polygon also announced on May 29 that the project has completed integrating its assets with Google Cloud’s BigQuery.

This integration is important as it improves the accessibility and positioning of polygons. BigQuery users can easily access Polygon.

The Polygon team He said::

“We are very pleased to announce that we have completed the integration of Polygon Datasets with BigQuery on Google Cloud. This means that Polygon Datasets can be queried, analyzed and information extracted using Google’s BigQuery platform . Blockchains are among the largest. This is an important step in improving developer access to polygon datasets and helping analysts understand their immense latent value. “

Polygon is included in BigQuery’s 1TB offering. This means that most BigQuery users can run queries on the polygon blockchain network to access various blockchain-related records.

Mark Cuban supports polygon

Even the billionaire investor Mark Cuban announced that he invested in Polygon on May 25th.

Cuban stated that a high throughput of Transactions Per Second (TPS) is very important to reduce the cost of usage for users.

Further, Cuban also stressed that the network effect is crucial and that Polygon already has many projects using its blockchain. He noticed:

“It is not enough to have more TPS and lower gas rates. There has to be a REAL network effect and significant user growth. This is a challenge for most Layer 1 and Layer 2 networks, because there is.” [con] With a few exceptions, the marketing in the cryptocurrency universe is more than terrible. It’s fast, it works well, and most importantly, its user base is growing exponentially. “

Analysts also say investors coming out of DeFi are generally optimistic about Polygon and projects developed at the top of the blockchain.

Brad Laurie, a cryptocurrency analyst, explained::

“You’re right. Support for Polygon has changed a lot from all kinds of powerful players, influencers, groups, and gamers. There’s no question that the folks at DeFi at ETH are interested in the upcoming offers at MATIC. Lots of them you are busy reading field presentations to prepare for the riot. “

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