The crypto market, along side the US equity market, had a pretty rough start to the week. The S&P 500 fell as low as 4305[1] points on Monday while Bitcoin managed to slump below $42.5k.
The king coin managed to carry forward the same sluggish momentum on Tuesday as well and the broader crypto-market was trading in red too. Well, dips and buys usually go hand-in-hand and a few alts presented themselves as compelling buy options at the time of writing.
MATIC
MATIC’s price managed to appreciate by over 24% in the period between 13-19 September. However, this alt couldn’t shield itself from “Monday blues.” Its price managed to dip as low as $1.09.
Despite the on-going consolidation phase, the state of MATIC’s on-chain metrics have been pretty decent[2] of late. The network usage has been organically growing. Consider the unique transactions on the PoS network over time. The chart attached below clearly highlights the jump in the number of transactions from the 4k bracket to 5k.
Source: Dune Analytics[3]
The number of unique transactions kept witnessing new highs on a daily basis in the 45-day period from May to mid-June. Notably, in the same window, the alt’s price pumped by over 240%. Similarly, as the number of transactions rose in August, MATIC was able to conquer higher trading targets on the price chart as well.
Further, the total value locked on Polygon’s ERC 20 bridge currently stands at $2.23 billion. The same accounts for 30%[4] of the total value locked up on all of Ethereum’s bridges. Thus, it is quite obvious that the network growth and adoption has played a critical role in the aiding the rally of the token thus far. Given the refining state of the metrics,
