MATIC may prove itself to be one of the most useful Altcoins
In the sea of altcoin polygon (CCC:MATIC-USD) Is one coin worth holding in the cryptocurrency portfolio. MATIC is behind barbaric speculation.
With increasing investor interest, the number of cryptocurrencies is skyrocketing.Indicates that there is data 7,815 coins listed on 475 exchanges worldwide..
Investors looking for long-term ideas without a surge in altcoin and a shortage of meme coins need to be aware of due diligence.
Before we take a closer look at MATIC, we need to remind investors that investing in cryptocurrencies always involves a high degree of volatility.It didn’t take long at all Bitcoin (CCC:BTC-USD) Recent cryptocurrency meltdowns have plummeted from a maximum of $ 64,800 to a minimum of $ 32,000.
Altcoin can be even more unstable. However, non-speculative altcoin helps reduce the beta of the portfolio. I think MATIC is relatively stable as the core business progresses.
In terms of price behavior, MATIC hit a high of $ 2.62 in May 2021. When Bitcoin plunged, MATIC also plummeted to its current level of around $ 1.30.
It seems very likely that the worst fix is over. You shouldn’t be surprised if cryptocurrencies return to record highs in the next 12 to 24 months. This means an 87% increase from the current level.
Positive business development
In summary, Polygon is a blockchain scalability platform.The platform aims to address the challenges faced by Ethereum (CCC:ETH-USD)is connected with High rates and low transaction rates per second..
The good thing about Polygon is that it already has some use cases. Infosys (NYSE:INFY) Is a $ 82 billion information technology company located in India. May 2020, Infosys Joined Polygon (formerly Matic) as an early validator..
This marked the beginning of a collaboration with Indian technology giant. In April 2021, Polygon partnered with Infosys to develop the M-Setu app.Acts as an open source bridge that allows businesses to interoperate I am using the Ethereum blockchain. “
Recently, Maharashtra, India, has been equipped with blockchain technology for issuing Covid-19 test certificates.polygon Part of this project.. It is worth mentioning here that the state of Maharashtra “State blockchain policy“Relatively soon. If more Indian states adopt blockchain, polygons have a large addressable market.
From a broader perspective, Polygon is in a position to profit as the number of apps related to decentralized finance, games and marketplaces grows globally. The polygon architecture is already in use in projects related to these segments.
Recently, Mark Cuban, the owner of the NBA’s Dallas Mavericks billionaire, has invested in MATIC. Sandeep Nailwal, co-founder of Polygon, said the investment from Cuba was “Polygon’s foothold to attract more Tier I investors Towards a polygon ecosystem in the United States. “
If this happens in the coming quarters, MATIC may tend to be higher.
The cryptocurrency sector is facing regulatory headwinds, which are affecting the bull market. But it gives investors another opportunity to accumulate some fascinating names from the crypto space.
I would like to focus on some high quality altcoins rather than looking at Bitcoin or Ethereum.
Recently, El Salvador has become the first country to classify Bitcoin as an asset class.India has some speculation It may also classify cryptocurrencies as an asset class.. If this happens, MATIC expects a further surge in Polygon’s business base in India.
Overall, MATIC looks attractive after modification. In addition, altcoin has been heavily funded, which could lead to new rallies.
On the issue date Faisal of Mayun I did not have a position (directly or indirectly) with any of the securities listed in this article. The opinions expressed in this article are those of the writers covered by InvestorPlace.com. Public guidelines..
Faisal Humayun is a senior research analyst with 12 years of industry experience in the fields of credit research, equity research and financial modeling. Faisal has written over 1,500 equity-specific articles focusing on the technology, energy and commodities sectors.