Polygon is up around 7% in the last seven days, also making it back into the top 10 most valuable cryptocurrencies. Polygon (MATIC) is currently valued at a market cap of $7.3 billion. With the Dutch crypto trader Michael van de Poppe, an experienced trader has now publicly presented his setup for Polygon on Twitter.
While the top trader refers to technical criteria as a critical bull run factor, Polygon also recently announced fundamentally exciting news – a major blockchain changeover with a possible associated token upgrade. Should investors buy MATIC now, before MATIC may soon become POL?
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Polygon: Double-digit gains, MATIC returns to top 10
With a price increase of around 7%, MATIC was able to benefit more than Bitcoin or Ethereum in the last seven days, because the Ripple judgment also benefits MATIC. Finally, Polygon recently also became the focus of the US Securities and Exchange Commission, which described the native layer 2 MATIC coin as a security in the lawsuits against Coinbase or Binance. Now this should (for now) be off the table. Investors were relieved to a moderate extent and increasingly bought MATIC.
MATIC was able to overcome both the horizontal resistance and the downtrend from 2023. Admittedly, this does not yet apply to a trend analysis in the form of lower lows and lower highs. But the trend line has been overcome and the retest was successful.
The Dutch crypto trader recently dealt with MATIC and comes to a clear assessment here. After the recovery move that propelled MATIC above $0.84 at this point, the top 10 cryptocurrency would be attractive, especially on pullbacks.
With a price of 0.78 US dollars, Michael van de Poppe MATIC would currently consider a long entry.
The technical starting point is constructive. At the same time, the news flow around Polygon (MATIC) is becoming more optimistic again.
Polygon: With network migration to more power?
Although Polygon is often referred to as Layer 2, it is actually not a full-featured Layer 2 solution, but a sidechain to the Ethereum mainnet. As a sidechain, Polygon acts as an independent blockchain that acts parallel to the mainchain. Polygon uses its own consensus mechanism, Proof of Stake. Now Polygon wants to take it to the next level and become a real Ethereum L2. This move aims not only to improve security and trust in Polygon, but also to position the entire Polygon ecosystem even more attractively. The planned transition represents a significant milestone in Polygon’s history and demonstrates the desire to become even more involved in the Ethereum ecosystem.
The team specifically wants to make Polygon a “value layer”:
The goal is to establish Polygon as the value layer of the Internet – a fundamental protocol that enables anyone to create, exchange and program value, just as the Internet enables anyone to create and exchange information. This upgrade would be an important step in creating the Value Layer as it would allow the entirety of Polygon PoS users, assets and government to migrate to the Polygon 2.0 ecosystem.
The influence of Polygon can also be seen in one Time magazine ranking. Because this classified Polygon Labs as one of the 100 most influential companies in the world, which makes an important contribution to bringing the blockchain more into the mainstream. The editors specifically referred to Web3 activities, for example for Nike or Starbucks.
BTC20: Crypto project develops “Bitcoin on Ethereum”
If investors are interested in new cryptocurrencies, small caps and presales, July 2023 could be a good time to look at BTC20. Because the presale went viral and was able to collect over $ 350,000 in capital in less than three days. With a targeted soft cap of $3 million, it already seems clear that BTC20’s crypto presale will be entertaining. But what is behind the crypto project that bills itself as “Bitcoin on Ethereum” describes?
BTC20 is an ERC-20 token that aims to represent Bitcoin in 2011. At that time, 6.5 million BTC were in circulation, so the circulating supply is significantly tighter than Bitcoin. Furthermore, 12 years ago a bitcoin cost only $1 in the meantime, today it is around $30,000. Consequently, the project promotes the possibility of buying Bitcoin again for $1 – namely BTC20. Incidentally, Bitcoin has since risen by around 3,000,000%.
“We reiterate this point in the Bitcoin lifecycle as an ERC-20 token.”
While bitcoin, as the world’s most valuable cryptocurrency and leading digital currency, undoubtedly has everything it takes to create a store of value for its holders, there are also downsides to the proof-of-work blockchain. Because in 2023 it will be difficult for private crypto fans to profitably participate in Bitcoin mining.
As an ERC-20 token, BTC20 relies on staking, which, however, distributes rewards corresponding to the Bitcoin blockchain. Investors can theoretically build up passive income via BTC20 if they buy the new “Ethereum Bitcoin” in July 2023 for just $1.
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