The cryptocurrency market is always on the move, and yesterday was no exception. So what caused this spike in prices? Let's take a closer look at some mainstream altcoins.
Polygon (MATIC) is a Layer 2 scaling solution for Ethereum that achieves extremely fast transaction speeds. Polygon (MATIC) is also the first project to offer Ethereum Virtual Machine (EVM) compatibility on their platform. This means that any Ethereum-based smart contract can be easily ported over to Polygon (MATIC) with little to no changes.
The Polygon (MATIC) team has been working extensively to onboard more users and developers to their platform. Recently, Polygon (MATIC) announced a partnership with a major mainstream brand (Starbucks) and is looking to continue partnering with other big names.
The Polygon (MATIC) team is also working on making their platform more user-friendly with an easy-to-use interface and comprehensive documentation. All these efforts by the Polygon (MATIC) team are paying off and investors are taking notice.
Ethereum (ETH) is a smart contract platform that enables developers to build decentralized applications (dApps). It's the second-largest cryptocurrency by market capitalization, after Bitcoin (BTC).
The price of Ethereum (ETH) has been on the rise in recent months, as more and more companies have started using it to build their dApps. Ethereum (ETH) has also recently merged with a PoS (Proof-of-Stake) algorithm, which is more energy efficient than the PoW (Proof-of-Work) algorithm used by Bitcoin (BTC).
As the leading layer-1 blockchain for smart contracts, Ethereum (ETH) is expected to see even more growth in the future. This, combined with the recent upgrades to the Ethereum (ETH) network, is why Ethereum (ETH) is seeing an increase in value.
Snowfall Protocol (SNW) is a cross-chain transfer ecosystem built for fungible and non-fungible tokens. This platform's dApp enables users to swap assets across the most widely used EVM and non-EVM compatible chains. Snowfall Protocol (SNW) is building the highways needed by millions of people to communicate to every blockchain.
This is like how the first telephone line was built to connect two people, and now we have billions of connected telephone lines connecting the world. The same can be said about Snowfall Protocol (SNW), which is connecting different blockchains so that they can talk to each other.