Polygon (MATIC) has seen a sizable rally over the past week. The asset has climbed 21% to reach highs not seen since January 2.
This upward momentum comes during a time of overwhelming bullishness in the crypto market. Traders are looking for layer-2 solutions like Polygon to address the high gas fee issues plaguing Ethereum (ETH).
Meanwhile, the viral presale project Bitcoin Minetrix (BTCMTX) has also captured investor attention. The project has now raised $11.1 million in its ongoing presale phase.
MATIC Price Picks Up Steam & Heads Towards $1 Level
MATIC’s impressive rally has lifted the token’s price to right around $0.99.
After posting two solid green weekly closes in a row, the token is now well above its 50-day and 200-day exponential moving averages (EMAs).
Trading volumes are also rising, with spot activity up 24% over the past day.
This makes MATIC the 16th most-traded cryptocurrency globally in terms of 24-hour volume.
With so much positive momentum, there’s a growing belief that MATIC could soon breach and close above the psychologically important $1 level.
However, the rally may be getting overextended in the short term – the token’s relative strength index (RSI) is now hovering around 70 on the daily chart.
This indicates MATIC is in overbought conditions, which could lead to a short-term pullback before the uptrend continues.
That being said, a recent technical analysis from Crypto Rover suggests MATIC is about to break out of a 3-year consolidation phase.
Should this occur, traders may opt to set their price targets much higher than the nearby $1 level.
What’s Behind MATIC’s Explosive Price Growth?
While MATIC’s price action has been impressive, it’s important to understand the fundamentals driving this increased demand for Polygon’s native token.
Polygon is a layer-2 scaling solution designed to provide faster and cheaper transactions for Ethereum.
By moving transactions off the main Ethereum chain, Polygon enables dApps and protocols to scale while still benefiting from Ethereum’s security.
This scaling solution has attracted plenty of developer interest in the past few months.
According to data from Artemis, Polygon’s (MATIC) daily active addresses hit an all-time high of 794,000 yesterday.
Daily transactions and total value locked (TVL) on Polygon (MATIC) are also trending upwards.
As more developers build their dApps on Polygon (MATIC) to avoid Ethereum’s congestion and high gas fees, demand for the network’s native MATIC token increases.
Due to this, MATIC’s value has been rising rapidly – and could continue to do so in the near term.
Is Bitcoin Minetrix the Next Big Thing in Crypto Mining as Presale Hits $11.1m
Although MATIC is attracting the most attention, another crypto project is also gaining momentum in its presale phase.
Bitcoin Minetrix has attracted enormous retail interest, raising $11.1 million so far ahead of its official launch.
The developers aim to make crypto mining more accessible and efficient through its Stake-to-Mine model.
BTCMTX token holders can stake their tokens to earn “mining credits,” which can then be converted to cloud mining power.
This approach allows anyone to earn passive crypto income – without purchasing expensive equipment or dealing with high energy costs.
BTCMTX is not yet available on the open market. However, BTCMTX tokens can be purchased at a discounted price through Bitcoin Minetrix’s presale.
The current price of BTCMTX stands at $0.0135, although it will increase gradually as more tokens are sold.
This gradual price increase is designed to incentivize early investors and reward them for their support.
So far, the response to the presale has been impressive. Over 14,200 people have joined the project’s Telegram channel to keep tabs on the development team’s progress.
Bitcoin Minetrix has also attracted attention from well-known YouTube personalities, including ClayBro, who stated it could be the “easiest way to mine Bitcoin” this year.
With so much hype behind it and exchange listings on the horizon, Bitcoin Minetrix is quickly becoming one of the most talked-about projects in the crypto space.
Visit the Bitcoin Minetrix Presale
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