Polygon is one of the well-performing tokens in the daily timeframe. The cryptocurrency has been climbing upwards since the middle of November but with a lot of volatility; however, the uptrend has been preserved for so long and continues to thrive which means the upcoming days may also prove to be increasingly bullish. At the time of writing, MATIC stands at a price level of $2.04. The price of the token has increased by 12% during the daily timeframe while the weekly performance shows a growth of 16%. The daily trading volume has surged upwards by more than 50%. Polygon is currently the seventeenth largest cryptocurrency in the market with a capitalization of $14 billion.
What is Polygon?
Polygon is one of the first platforms geared at the scaling and infrastructure development of Ethereum. The technology of the platform compliments that of Ethereum and enables the transformation of Ethereum into a multi-chain network or better known as the Internet of Blockchains. This means that Ethereum can be turned into an ecosystem like that of Polkadot but with the security and technological superiority of the queen of the market.
Moreover, Polygon can also be used to create optimistic rollup chains, ZK rollup chains as well as any other kind of chains or infrastructure required by developers. The Layer-2 scaling solution aims to solve the problem of the lack of scalability plaguing the cryptocurrency market.
The upcoming ZK Summit
Polygon has announced to be hosting the “ZK Summit” along with ETH Global on 9th December. Both the platforms are leading the race of the Zero-Knowledge space and aims to open further debate into the use cases that the technology has to offer. Matic regards this to be the next big thing happening on the network which is why the announcement may have contributed towards the increased bullishness of the cryptocurrency.
The platform has also been focusing increasingly on ZK cryptography to unleash the full potential of Ethereum. The summit will prove to pave the way towards major developments. Moreover, the team has also hinted the community about a surprise announcement during the summit.
Future outlook
Polygon had created a storm in the crypto world after its rebranding and a subsequent surge. The strong fundamentals of the project boost its bullish future outlook. Moreover, the upcoming summit is also expected to cause Matic token to surge as some interesting developments will unfold. According to the estimates of Wallet Investor, the cryptocurrency is expected to be operating at a price level of $3.47 in a year’s time while the five-year projection places it at $10.66.
