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MATIC Surges 30% as Cryptocurrencies Recover from Market Sell-Off, Large Transactions on Rise

Tue, 12/07/2021 - 10:52
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Tomiwabold Olajide
MATIC, Polygon blockchain's native crypto asset, has increased by 30% in the last 24 hours
MATIC Surges 30% as Cryptocurrencies Recover from Market Sell-Off, Large Transactions on Rise
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According to CoinMarketCap data, MATIC, the native crypto asset of Polygon blockchain, is up 30% in the last 24 hours. As cryptocurrencies recover from the earlier market sell-off, on-chain analytics firm IntoTheBlock notes that large transactions are on the rise.

IntoTheBlock detects those large transactions that serve as an indicator for whales, and potential institutional investment has risen by 50% for Polygon MATIC in the last 24 hours.

Large transactions have likewise increased for tokens such as Bitcoin, Ethereum and Decentraland, leading to price increases. As indicated by IntoTheBlock, large transactions are $100,000 or more.

Large Transactions IntoTheBlock

Large Transactions, Courtesy: IntoTheBlock

After declining to lows of $1.62 during the Dec. 4 sell-off, MATIC has steadily climbed to reach highs of $2.44 today. Polygon (MATIC), a Layer 2 scaling solution, continues to benefit from Ethereum's skyrocketing network transaction fees.

As of press time, nearly all of the tokens in the top 100 have added value and are, therefore, trading in green. The total market capitalization has grown by 7.61% in the past 24 hours to reach $2.4 trillion as of press time.

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About the author

Tomiwabold is a cryptocurrency analyst and an experienced technical analyst. He pays close attention to cryptocurrency research, conducting comprehensive price analysis and exchanging predictions of estimated market trends. Tomiwabold earned his degree at the University of Lagos.