Polygon (Matic) Velocity and Transaction Volume on the Rise, Despite Crypto Winter
Polygon, also known as Matic, is experiencing a surge in its velocity and transaction volume, according to data by CryptoQuant. This is notable as velocity is an important indicator of a cryptocurrency’s circulation speed, and the transaction volume represents the amount of trading activity taking place.
Despite the ongoing bear market, Polygon’s velocity has continued to rise, suggesting that the coin is being actively traded or used. This is a positive sign for the cryptocurrency as it means that it has a strong demand even in unfavorable market conditions.
Looking at the trading volume, we can see that Polygon’s trading volume decreased until June 2022, when the bear market began. However, since then, the trading volume has turned to an upward trend, indicating that more investors are starting to take an interest in the coin.
Furthermore, while Bitcoin made a new low in November after reaching $18,600 in June 2022, Polygon did not even come close to the low, with a price of $0.34. This suggests that Polygon is more resilient to market fluctuations compared to other cryptocurrencies.
It is worth noting that while most coins are inevitably affected by the movement of Bitcoin, Polygon’s increasing velocity and trading volume in the face of macro issues and the ongoing Crypto Winter is an encouraging sign for the cryptocurrency’s future prospects.
In conclusion, the data by CryptoQuant shows that Polygon’s velocity and transaction volume are on the rise, despite unfavorable market conditions. This is a positive sign for the cryptocurrency, and it will be interesting to see how it performs in the future.
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