Polygon (MATIC) gained 17% on January 26 to achieve the intraday high of $1825, emerging among the best performing cryptocurrencies. This gain was seen at a time when a rebound emerged across the whole crypto market. The rebound started from January 24 and has continued since then. More than $250 billion has been poured by traders and investors in digital assets during this time. Both Bitcoin and Ether, among many other cryptocurrencies, benefited from these investments.
Polygon Took Advantage of This Rebound
The secondary scaling Ethereum blockchain solution Polygon took advantage of this rebound in the market. MATIC, Polygon’s native token valuation on January 24 was at a very low point at $9.77 billion. It went up to a high of $13.58 billion after two days. Its price went up to $1825 from $1312 during the same time. It was a gain of almost 40% in only three days.
The Meeting of Fed and Important Hiring
This latest round of buying for the Polygon was seen before the Federal Reserve’s scheduled announcement of an increase in the interest rate on January 26. Overall, cryptocurrencies have faced many whipsaws in the last few months with the expectation that US central bank may raise interest rates to control inflation. Stock markets are also cautious about the Fed’s prospects of higher rates and reduced balance sheets.
Even with this gloomy outlook, Polygon has outperformed major rivals such as Bitcoin and Ethereum when calculated on intraday gains. Some high-profile hiring may also be the reason behind it. Ryan Watts, the gaming head at YouTube, left the giant and joined Polygon Studios. This news boosted the demand for MATIC from investors, leading it to perform better than other cryptocurrencies.