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


Polygon (MATIC) is on a crack. In the past seven days, it has grown 35% in the past seven days, outperforming every major cryptocurrency except Uniswap.

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

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MATIC 1-day candle chart (Binance). Source: TradingView.com

Growing mood and hype around Polygon

On February 9, Matic first announced its plans to rename it Polygon. At that time they brought promising Metaverse projects and integrated Matic Plasma Chain.

By implementing Plasma Chains, Polygon was able to provide a layer-one blockchain network with integrated scaling solutions for projects.

The Polygon team said in February:

“We implemented and offered Matic Plasma Chains, a production-ready Ethereum Layer2, predicate-based plasma implementation; we implemented and offered Matic PoS Chain, a permissionless, EVM-compatible, PoS-secured Ethereum sidechain that is built on strong Ethereum security the validator is based on staking and checkpoints; 80+ great applications integrated, including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi, and more are added every day. “

Since then, Polygon has grown into an important Layer-One blockchain project, especially for Metaverse projects with skyrocketing user numbers.

Polygon ranks among the top ten cryptocurrencies by social volume. Source: Lunar Crush

The growing fundamentals also appear to be fueling general market sentiment for the blockchain project.

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

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 ™ Score (green) vs. MATIC price. Source: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ Score went green on the morning of May 24th and rose to a high of 94 on May 27th when the price hit its recent highs above $ 2.30.

Announcement of Google BigQuery

In addition to several recent development milestones, including a Ren Polygon Bridge for seven top crypto assets and an SDK for building Ethereum-compatible chains, Polygon also announced on May 29 that the project would include the integration of Polygon Assets into BigQuery from Google Cloud.

This integration is important as it improves the accessibility and positioning of polygons. it enables BigQuery user to easily access Polygon.

The Polygon team said:

“We’re thrilled to announce that we’ve completed the integration of Polygon Datasets into @GoogleCloudTech #BigQuery! That means you can query Polygon Datasets, conduct analysis, and insights using Google’s #BigQuery platform Blockchains are some of the richest sources of verifiable data, and this is a huge step in improving developer access to Polygon’s datasets and helping analysts unlock their immense latent value. “

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

Cubans supported polygon

In addition, billionaire Mark Cuban announced on May 25th that he had invested in Polygon.

Cuban stated that spending a high Transactions Per Second (TPS) is very important in order to lower the cost of usage for the users.

In addition, Cuban stressed that the network effect is crucial, and Polygon already has many projects that use the blockchain. He noticed:

“Having more TPS and lower gas charges is not enough. There has to be a CURRENT network effect and significant user growth. This is a challenge for most L1 and L2 because [with] With a few exceptions, the marketing in the crypto universe is more than terrible. It’s fast; it works well and, most importantly, its user base is growing exponentially. “

Analysts also say departing DeFi investors are generally optimistic about Polygon and projects on the blockchain.

Brad Laurie, a crypto analyst, said:

“He’s right. The support of @ 0xPolygon from all kinds of parties, influences, groups and powerful players has shifted enormously. There is no question that the ETH # DeFi crowd is interested in the upcoming deals on $ MATIC. Lots of ‘You’re busy reading pitch decks in preparation for the hustle and bustle. “