An under-the-radar altcoin built on Ethereum (ETH) is defying correction in the broader crypto markets after gaining nearly 55% this week. polymath (POLY) rose from a weekly low of $0.176 to $0.272, significantly outpacing the crypto markets in general.
POLY gave up some of its gains after hitting a seven-day high yesterday. It is trading at $0.231, down about 11% in the last 24 hours.
Altcoinsaims to provide its customers with technology to create, issue and manage unique security tokens on blockchains. POLY tokens fuel Polymath blockchain transactions. It is also used to pay for token generation, compliance checks, and network maintenance.
Recently, Polymath became a member of the Canadian Alternative Strategies and Assets Association (CAASA), which describes itself as Canada’s largest association representing the alternative investment industry. of the organization, crypto- It has about 400 members, including projects in the field.
POLY has also witnessed increased trading volume recently, with CoinGecko reporting that the altcoin registered more than $14.1 million in volume on Friday, a 26.2% increase from Thursday.
As Koinfinans.com reported, despite today’s correction, Polymath is up more than 50% since the beginning of the year. Despite gains this week and throughout 2023, the POLY token is down more than 85% from its all-time high of $1.59 in February 2018.