While most altcoins struggle in light of the bearish cryptocurrency market, Polygon (CRYPTO: MATIC) has been outperforming the apex Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and even Elon Musk’s favorite Dogecoin (CRYPTO: DOGE).
What Happened: MATIC is up by 9.50% in the last 24 hours, trading at $0.97 at the time of writing, according to data from Benzinga Pro. On Oct. 13, MATIC was trading at $0.73, since then the price increased by 32%, according to CoinMarketCap.
See More: How to buy Polygon?
On the other hand, Bitcoin is down 0.70% in the last 24 hours, and 2.19% in the last seven days. Ethereum continues to hover around the $1500 markdown by 2.40% over the past 24 hours. Dogecoin also witnessed a 5.39% fall in the last 24 hours, as per CoinMarketCap.
Why Is This Happening: MATIC’s rise over the past seven days can be attributed to two likely reasons:
- JP Morgan’s execution of the first on-chain trade on the Polygon network: The trade was facilitated by the Monetary Authority of Singapore’s (MAS) Project Guardian on Nov. 2, which was established as part of a pilot program to “explore potential decentralized finance (DeFi) applications in wholesale funding markets.”
- Meta’s (NASDAQ: META) decision to allow Instagram users to mint Polygon-based Nonfungible tokens (NFTs).
Read Next: What The Fed’s Latest Interest Rate Hike Means For The Crypto World
