polygon local presence of the blockchain MATIC, started to recover after the major crypto currency correction and increased its price by 30% in as little as 24 hours.
According to CoinMarketCap data, MATIC, the native crypto asset of the Polygon blockchain, is up 30% in the last 24 hours. While cryptocurrencies are recovering from previous market selloffs, on-chain analytics firm IntoTheBlock states that large transactions are on the rise.
IntoTheBlock has identified large transactions that act as an indicator for whales and announced that in the past 24 hours, potential institutional investment for Polygon (MATIC) has increased by 50%.
It has seen a similar spike in large transactions for tokens like Bitcoin (BTC), Ethereum (ETH), and Decentraland (MANA), which has led to price spikes. As noted by IntoTheBlock, large transactions include transactions of $100,000 or more.
After falling to $1.62 during the selling pressure on Dec. 4, MATIC has climbed steadily to highs of $2.44 today. Polygon (MATIC), a Layer-2 scaling solution, continues to benefit from Ethereum’s rapidly increasing network transaction fees.
As of press time, almost all of the tokens in the top 100 have value added and are therefore traded in the green. Total market capitalization increased 7.61% in the last 24 hours, reaching $2.4 trillion as of publication.
Disclaimer: What is written here is not investment advice. Cryptocurrency investments are high-risk investments. Every investment decision is under the individual’s own responsibility. Finally, Koinfinans and the author of this content cannot be held responsible for personal investment decisions.