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Current Polygon Holders May Decide MATIC’s Future ⋆ ZyCrypto
For many crypto assets to survive, they need to have fundamentally sound offerings to increase global interest and attract investors. This is similar to the case of MATIC, a notable crypto asset tied to its blockchain, Polygon.
MATIC’s future is increasingly tied to Polygon’s market value and the continued growth and advancement of the network.
Recent developments have strengthened this position, as new data has revealed that the Polygon network has reached multiple milestones. The Ethereum-based layer-2 scaling solution has seen network progress in recent weeks.
In an update today on Polygon, it was revealed that the Polygon network has seen growth. Daily active addresses have skyrocketed, reaching levels last seen in October, up to 500,000.
It is worth mentioning that according to data from Artemis, a cryptocurrency analytics firm, Polygon PoS daily active users were 519,970 in January. This marks a significant growth in a 30-day time frame, as the total number of active users was at a low of 247,200 in November.
Polygon (MATIC) Defeats Bitcoin in User Growth
MATIC is not only surpassing its previous highs, but it is also outperforming notable competitors such as BitcoinAccording to data from Flipside Analytics, Poluhom received 15.2 million new user addresses last year.
The milestone marks a 50% increase from the 10.6 million Bitcoin users acquired in the same year. The development puts MATIC right next to Ethereum, another long-time Bitcoin rival.
The data is particularly significant for assessing the market potential of MATIC, as a growing user base shows increasing demand for the asset. User sentiments could be positively affected despite the bearish performance of MATIC in the previous months. However, the price action could be positively affected if adoption continues to rise.
Interestingly, this week has been largely bullish for MATIC despite the collective altcoin bearish trend. At the time of reporting, MATIC is up 0.46% and has successfully raked in more than 5% weekly gains. On the contrary, the combined monthly losses still amount to over 13%. At press time, MATIC is trading at $0.52.
MATIC could continue its run in the new week or follow the same direction as its altcoin counterparts. However, as outlined above, the market fundamentals are increasingly positive.