The recent market recession has created dips for Bitcoin (BTC/USD) and most altcoins that are trading significantly lower from their highs. However, a few coins have resisted the dip, and they have created record highs despite the lack of support from the broader crypto market.
Polygon (MATIC/USD) is currently making headlines after hitting a new all-time high (ATH) of $2.70 on December 23. While it has slightly dipped by 4.7% from this ATH, the altcoin is still up around 20% over the past week.
Polygon fails to follow the market trend
MATIC’s price has resisted following the trend happening across the broader market. While most of the market is dipping or consolidating, MATIC has garnered overwhelming buyer support, hence the upswing towards an ATH.
The buyer support comes when the Polygon network is making major developments that have created a buzz in the online crypto community.
Polygon network makes major developments
In December alone, the Polygon network has made several partnerships that have signalled that it could be headed towards major growth levels. Earlier in the month, the network announced the acquisition of Mir, a crypto startup firm, for $500 million.
The acquisition was aimed at the launch of zero-knowledge technology. Mir will assist Polygon in boosting its technological infrastructure. The startup will be involved in Polygon’s Project Zero. This project seeks to bring more scalability to the Ethereum blockchain.
Polygon also recently announced its partnership with Alexis Ohanian, Reddit’s co-founder. The partnership’s objective is to launch a Web 3 project valued at $200 million. Polygon will join forces with a venture capital fund developed by Ohanian to bring social media and Web 3 together.
Web 3 is currently a hot topic in the crypto space. Ohanian noted that the internet will be revolutionized through this partnership, and Polygon will be part of the internet’s future.
“We are still in the early days of Web 3, and the most obvious opportunities right now are in gaming and social. This initiative will do just that, with a focus on gaming properties and social media platforms built on Polygon’s scalable infrastructure,” Ohanian noted.
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from Matic Network – Invezz
