2021-05-19 03:00:00

Polygon (MATIC) Hits Another All-Time High While Bitcoin, Ethereum, Dogecoin Grapple With ‘Extreme Fear’

Polygon’s (MATIC) upward journey continues unabated as the token hit a new all-time high of $2.68 on Tuesday while Bitcoin (BTC), Ethereum (ETH), and Dogecoin (DOGE) investors battle “extreme fear.”

What Happened: MATIC traded 30.25% higher at $2.28 on a 24-hour basis at press time. The cryptocurrency has shot up 112.37% over a seven-day trailing basis.

In terms of gains against BTC and ETH, MATIC is up 38.18% and 33.14% respectively.

Large cryptocurrencies by market capitalization have not fared well this week with BTC falling 26.6%, ETH 21.32%, and DOGE 7.74% over a seven-day period.

At press-time over a 24-hour basis, BTC traded 6.27% lower at $41,953.72 and ETH was down 2.71% at $3,286.14. DOGE was in red by 7.31% at $0.46.

See Also: How to Buy Dogecoin (DOGE)

The “Crypto Fear & Greed Index,” a measure of emotions and sentiments surrounding Bitcoin and other large cryptocurrencies showed a value of 23 on Tuesday night.

Screenshot Of The ‘Crypto Fear & Greed Index.’ Source: alternative.me

A value of 0 on the index means “Extreme Fear” while 100 represents “Extreme Greed.” The index is hosted by Alternative and quoted by Arcane Research, according to CoinDesk. 

Why It Matters: “In the past, an extremely fearful market like this has historically presented solid buying opportunities during bull cycles,” wrote Arcane analysts noting the Bitcoin price crash, as per CoinDesk.

Meanwhile, Matic has shot up 12,832.5% since the year began, buoyed by the buzz surrounding the Decentralized Finance or DeFi segment.

The network has added 75,000 active user wallets in just a period of one week, as per a Tuesday report.

Congestion and high transaction or gas fee on Ethereum’s blockchain has also helped the multichain scalability platform gain ground.

See Also: A Cryptocurrency Is Skyrocketing In Defiance Of Bitcoin-Led Selloff, Outperforming Dogecoin, Cardano

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