Should you buy Polygon (Matic)? Yesterday it was up over 100% – we look at reasons why the buying interest looks set to continue.
It’s now an opportune time to become more acquainted with crypto investments, given that they make very good returns. This is because even though cryptocurrencies are highly volatile and the current market turmoil is clear evidence of that, the technology behind them is strong and adoption is growing, which means that cryptocurrencies are here to stay.
One of the cryptocurrencies that has the most robust framework is arguably Polygon (MATIC), and this makes it one of the hottest purchases as the altcoin season kicks into gear, despite the recent sell-off.
As of the time of writing, Polygon (MATIC) value has increased by 8% in the past 24 hours, making it one of the best cryptos with a value under $2.
1. Polygon is a scalable solution
One of the reasons why the MATIC token is a hot buy right now is that the Polygon network is robust and more scalable than Ethereum. The Polygon network solves most of the current issues present on Ethereum’s network, which are high transaction fees and slow transaction processing.
2. It is attracting DeFi Projects
Because of its robust framework, many DeFi projects have been shifting to Polygon (MATIC) as an alternative to the expensive Ethereum network. One of the most notable projects to have shifted to Polygon is Aave.
One of the ways that this development will benefit the Polygon token is through stabilising its value. It will also place the token in a stronger position to overcome any challenges that the crypto market might face in the future.
3. Its performance looks attractive
Another reason why Polygon (MATIC) is an attractive buy is that the price performance shows that the token could be heading for a great future. The risk-return profile is looking particularly attractive – the token is expected to hit the $2 value soon. If this happens, the token will give its holders massive returns.
Reaching the $2 level is not unrealistic for the token because buying interest is being fuelled by the rising use cases the Polygon network can fulfil, especially as energy efficiency moves up the agenda. Because of this demand, Polygon may brace itself for stabilization even as the crypto market plummets.
4. Potential for growth
A fourth reason why MATIC is tipped to be heading for a great future is that the platform has substantial growth potential. Given that DeFi protocols have been on the rise, it means that the Polygon framework should see high demand going forward, which will boost its value.
5. Ideal for portfolio diversification
Finally, top altcoins are ideal instruments for those who want to diversify their crypto holdings. Altcoins are all cryptocurrencies other than Bitcoin. Polygon has shown itself to be one of the altcoins that is less correlated to bitcoin price movements than many others ,and this gives it good diversification properties for a portfolio of crypto asset holdings.
Polygon (MATIC) is also attractive to retail investors for psychological reasons as they may prefer to buy coins that have a low price for holding a single unit. Polygon’s current price below $2 allows a retail investor to buy more tokens.
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Author: Ali Raza