MATIC hits new all-time highs and posts weekly gains of nearly 120%

Polygons MATIC Token, the Ethereum infrastructure development platform, hit new highs on May 18 to become the best performing cryptocurrency of the day.

1-hour candlestick chart for MATIC / USD (Coinbase). Source: TradingView

MATIC reaches a new record

Cointelegraph Markets Pro and Tradingview have shown that The MATIC / USD pair hit $ 2.18 during Tuesday’s trading despite the broad downtrend in the market.

After listing on the Kraken crypto exchange on Monday, MATIC rose and continued a dramatic rally that began when Kraken released the news earlier this month..

MATIC hits new all-time highs and posts weekly gains of nearly 120%
MATIC hits new all-time highs and posts weekly gains of nearly 120%

VORTECS ™ data from Cointelegraph Markets Pro showed an optimistic outlook for MATIC on May 12th ahead of the recent price hike.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 Twitter activity.

VORTECS ™ achieved unprecedented high scores for MATIC on May 15th. At 99 points, the token achieved the highest value ever on the platform, followed by several price spikes that culminated in Tuesday’s highs.

MATIC / USD with VORTECS ™ Scoring Chart and Trading Alert on Kraken. Source: Cointelegraph Markets Pro

With that, the 17th largest cryptocurrency by market capitalization outperformed all others in terms of daily and weekly earnings.At the time of writing, they were 22% and 118%, respectively.

The timing was a boon to many traders who had watched the value of their holdings drop in the past few days in line with selling pressures on Bitcoin (BTC).

“MATIC is trying to save my wallet on its own”, He said the popular dealer Scott Melker to followers on Twitter.

Very close to MATIC was Synthetix (SNX) with a return of 21% in the last 24 hours, followed by Telcoin (TEL) with 17%.

Traders still believe in “Altseason 2.0”

In contrast, the top ten cryptocurrencies by market capitalization were all in the red. with the exception of XRP, which was up 6% to $ 1.61.

For long-term market participants, however, it remained “business as usual”: Recent events were no reason to reassess the fledgling ecosystem.

“Many Altcoins have developed market structures for several years”,TO tweetedThe dealer Rekt Capital that day.

It is unlikely that short-term fears or uncertainties will change these formations and structures in the long term over the next few days or even a week or two.

Bitcoin had risen to $ 42,000, the location of its all-time highs since February to make up for lost ground, and warns that the ground may still come.

Similar Posts