Patrick JenningsOver the last year, Polygon announced new features on its Twitter (@0xPolygon) – mobile burning capabilities for MATIC tokens and the introduction of a new Token List service. That means the MATIC burn console is now available for Polygon’s mobile wallet suite, complete with a fresh interface.
Despite recent roadmap updates and upgrades the Polygon price (its native coin MATIC) corrected over 50% last year, opening the year at $2.5 and currently trading at $1.1 – $1.2 in the second quarter. Will Polygon coin go up in 2023? Is MATIC a good investment?
In this guide we’ll speculate on the future price forecast with our own Polygon price predictions.
Polygon Price Prediction – Overview
- Based on the January 2023 low of $0.8, and the Polygon all time high of $2.92, the MATIC price has retraced 72.5% from its top. Similarly Bitcoin retraced 53%, and Ethereum 56%
- Even altcoin projects with strong fundamentals can retrace 95% before beginning a new bull cycle – Ethereum corrected from $1,440 to $81 during the 2018 bear market
- Polygon is ranked #11 on Coinmarketcap with a market capitalization of $10.4 billion.
- Compared to its 2020 open of $0.013, and its 2021 open of $0.017, Polygon is still up 70 – 90x in valuation, after a 225x bull run in that time period and even higher since 2019
- In the long-term those investing in Polygon are still optimistic it could hit double digits, e.g. Lark Davis (@TheCryptoLark) tweeted he is holding MATIC expecting it to hit $10
- To overcome volatility, a high APY of up to 16% is possible when earning interest on Polygon.
Polygon Price Chart
Polygon price history 2019 – 2023
Polygon Upgrades – Latest News
Polygon has been active in making partnerships across the crypto industry and stayed up to date with blockchain tech trends. Recent Polygon news announcements included these updates:
- Launch of the Alpha and Beta versions of the Polygon Mainnet
- Support for deposits and withdrawals of all Ethereum-based assets
- Support of ERC721 to ERC20, ERC20 to ERC20, and ERC721 to ERC721 transactions enabled
- Increasing the number and capabilities of Proof-of-Stake validators
- Offering the API and SDK toolkit for dApp infrastructure development
- Launching a new blockchain network, Supernets, and Polygon will invest $100m in companies that use it
Polygon
| ⧉ Coin Name | Polygon |
| 💲 Price | $1.09 |
| 🔆 Coin Symbol | MATIC |
| ⏳ Price Change 1h | 0.59% |
| 🌕 Price Change 24h | 4.6% |
| 💵 Market Cap | $9,523,365,448 |
| 🥇 Rank | 10 |
| 🌐 24h Volume | $581,492,743 |
| 🔄 Circulating Supply | 8,734,317,475 |
| 💰 Total Supply | 10,000,000,000 |
Polygon Price History
Since its launch in 2017, the MATIC project (which rebranded to Polygon in February 2021 for more global brand recognition) is up over 100,000%. Its native cryptocurrency still has the ticker symbol MATIC. The initial price of MATIC coin was $0.002, when it first started trading on crypto exchanges.
Since Coinbase began tracking its price – there is a slight delay in Coinbase adding tracking after a project first starts trading – it’s up 33,000%, as the MATIC price chart below shows.
Polygon price chart via Coinbase
Most of that rise in value took place during the 2021 crypto bull run, when the total crypto market cap rose to $3 trillion, Bitcoin to $69,000 and Ethereum to $4,800.
Polygon has in the past had a marketcap twice as high, for example $18.5 billion in December 2021 following news that dApp (decentralized application) Uniswap was live on Polygon and the internet browser Opera was integrating Polygon, including in a crypto wallet.
As of January 2023, MATIC is priced at $0.77 with a market cap of more than $6.8 billion.
Polygon’s partnership with Opera browser
MATIC Price Prediction 2023 – 2024
In the bullish case for Polygon, the next Bitcoin halving is in 2024 and the previous halving sparked the Bitcoin bull run to $69k from $10k. The total crypto markets also rose in valuation to $3 trillion, increasing the USDT prices of most major blue chip altcoins with it.
Just sitting here patiently waiting for $matic to hit $10
— Lark Davis (@TheCryptoLark) April 2, 2022
Lark Davis has 488,000 Youtube subscribers and 970,000 Twitter followers. While one trader can’t move the market despite their following, he tweeted he is bullish in the long-term on $MATIC, expecting it to hit $10 in the long run.
Polygon Price Long Term Prediction – 2025
The most optimistic investors in Polygon speculate that it could one day flip Ethereum. That may not be realistic however it’s based on the high gas fees of Ethereum. Polygon has lower transaction costs.
While at one point Ethereum had a high almost 100% dominance across the DeFi space, that has increasingly been reduced by the rise of Layer-2 DeFi projects like Polygon, Solana, Polkadot and others.
The current Ethereum market cap is over $350 billion, almost 40x higher than the MATIC market cap. So if MATIC flips ETH from its current price point, without a drop in the Ethereum price, that would put the MATIC price at around $40 – $50.
What is Driving the Price of Polygon?
Recent Polygon price changes were likely to be triggered by news and media announcements:
- 29 December 2021 – Polygon revealed that two white hat hackers had exposed a critical network vulnerability which it then fixed on 3 December. Polygon said the malicious hacker was able to steal more than 800,000 MATIC tokens before the network upgrade took effect. It added that it had paid around $3.46 million as a bounty to the two white hats who helped discover the bug.
- 10 January 2022 – Polygon revealed Plonky2, what it called a major milestone for zero-knowledge cryptography. Plonky2 is a recursive SNARK (a cryptographic proof that one user has some specific information without having to reveal what that information is) that is ‘100x faster than existing alternatives and natively compatible with Ethereum.’
- 27 January 2022– Polygon revealed that in December it had over 7000 dApps active on the MATIC network, twice the amount of three months before. It stated that after increasing congestion on the Ethereum blockchain and high gas fees, many DeFi and non-fungible token (NFT) projects had moved over the Polygon blockchain instead.
- 7 February 2022 – Polygon raised a $450m war chest through a private sale of its MATIC tokens to pave the way for the mass adoption of Web3 applications. The founding round was led by Sequoia Capital India and included over 30 other investors such as SoftBank Vision Fund 2, Galaxy Digital, Galaxy Interactive, and Tiger Global. It said the funds will also allow it to continue investing in zero knowledge (ZK) technology that it said ‘will be key to onboarding the next billion users to Web3.’
- 23 February – Wirex, a payments platform and non-custodial cryptocurrency wallet, announced it is going live on Polygon ‘to bring low fees and high transaction speeds to more than 4.5 million users across its ecosystem.’ Wirex customers in 130 countries can use the mobile app to store their cryptos.
- 10 October 2022 – Polygon announced the public testnet launch of its zero-knowledge Ethereum Virtual Machine. October turned out to be a bullish month for MATIC, as the token soared by over 16%.
- January 2023 – Recent on-chain data revealed, however, revealed that top whales are contributing to the selling pressure. The price may continue to slump if the whales continue their selling spree. Investors must pay close attention to the macroeconomic conditions affecting the altcoin market to gauge the chances of a strong recovery.
Polygon vs Ethereum
Polygon exists above Ethereum as a Layer 2 blockchain. The Ethereum blockchain lying below is the one that ultimately secures and processes transactions -but to increase the number of transactions per second that a network can process, developers are now also designing secondary layers on top of existing blockchains.
Also being called the ‘Internet of Blockchains’, the aim of Polygon is to connect various blockchain projects on Ethereum. All these projects have different features but they aren’t necessarily interoperable. Polygon is not the only one attempting that use case – there are other projects moving in the same direction, like Polkadot and Cosmos. By being compatible with Ethereum, Polygon aims to improve upon it and eventually tap into the second-largest blockchain’s ecosystem and security.
To simultaneously secure the network as well as mint new coins with time, Polygon uses the proof-of-stake consensus algorithm. This method requires users to lock up their tokens so that they can be nominated randomly to validate new blocks of data.
Future of Polygon – What’s Next for MATIC?
The Polygon Network has transformed decentralized finance (DeFi) and NFTs because it is a fast, efficient, and cheap scaling solution for the Ethereum blockchain. It has simplified and amplified access to NFTs, some of which are Polygon based NFTs.
As more people venture into DeFi and NFTs, the Polygon user base will expand due to its cheap transaction fees. This surge in onboarding will be through L2 networks like Polygon, as institutions begin building on them. The biggest NFT marketplace, Opensea, has over 350,000 total accounts registered on it. The potential number of market participants for NFTs is much higher.
One of the biggest downsides of the Ethereum network, which often turns potential buyers away, is the transaction fees. L2 solutions to gas fees were inevitable.
Even Coinbase has now launched its own NFT Marketplace, ‘Coinbase NFT’, and may support the Polygon Network. After Coinbase’s venture capital investment in Polygon, an announcement of integrating Polygon for trading was made.
How to Buy Polygon
eToro is an FCA, ASIC and CySEC regulated crypto platform that makes it possible to buy, sell and trade Polygon securely. eToro listed MATIC in June 2021.
eToro also has an Academy with educational material for beginners to learn to trade and invest, and the option to copytrade professionals trading MATIC.
As a social trading platform, all users have a Facebook-style wall and news feed where they can post their thoughts on the market as well as get Polygon price predictions from other users on the platform.
Currently 685,000 eToro users are following the Polygon price action, with 5.74% of those investing in Polygon. Some of those will post their own Polygon price forecast to their profile.
Cryptoassets are a highly volatile unregulated investment product.
Is Polygon the Best Coin to Buy in 2023?
While Polygon is one of the biggest altcoins in the space, we recommend FightOut ($FGHT) as the new top cryptocurrency to invest in right now.
FightOut ($FGHT)- Best Coin To Buy to receive up to 25% Purchase Bonus
With a mission to redefine the Move-to-Earn space, FightOut has created a fitness app that rewards users for completing their daily workouts.
Within days of the launch of its presale stage 1, FightOut has already hit a milestone by raising over 2.5 million USDT in a relatively short time. Investors can consider buying $FGHT at a presale price of 0.0166 USDT per token to fetch a high ROI when the price increases in the future. Especially, with CEX listings planned from 5 April, the price will rise to 0.033 USDT per token.
The project has also built a metaverse to gamify fitness and reward users. It enables users to create their Soulbound NFT avatars. These avatars’ data stats will correspond in direct relation to the users’ real-life fitness performance. Consequently, users can socialize with other community members and also compete with them in FightOut’s metaverse.
FightOut has also devised its in-app, off-chain currency known as REPS to reward its users for doing in-app fitness challenges. REPS can be utilized to get access to membership discounts, buy cosmetic NFTs, and so on.
Users should read FightOut’s whitepaper to get a deeper understanding of the project’s features.
$FGHT Tokenomics & Purchase Bonuses
$FGHT is a limited supply token based on the ERC-20 standard. From its total supply, 90% of the tokens are available for sale through FightOut’s presale stages.
Investors buying $FGHT in the presale stages would also get purchase bonuses that start from 10%. To claim the bonus, buyers need to start with an investment of merely $500 with 6 months of vesting. Also, buyers can get membership rewards if they stake more tokens or stake them for a longer time.
Buyers can also receive up to 50% additional tokens as rewards for buying $FGHT. To stay on top of the latest updates, buyers can consider joining FightOut’s Telegram channel.
Presale Started
14 December 2022
Purchase Methods
ETH, USDT
Chain
Ethereum
Min Investment
None
Max Investment
None
Conclusion
Many investors have made bullish Polygon price predictions of up to $10 and even beyond, although its 50% correction since its last ATH could continue in the short-term. You can bounce ideas off other investors following the MATIC price action social trading platform eToro.
Keep a diversified portfolio and split your crypto investment funds up into several projects. Partly the major blue chip cryptos like BTC and ETH, partly middle range projects like Solana and Polygon, and partly low market cap coins that are early in their roadmap.
To beat the short term price volatility, you can earn up to 16% interest on your MATIC holdings on Nexo, as well as interest on BTC, ETH, and other cryptos.
In addition to Polygon, FightOut (FGHT) is a popular new cryptocurrency project to invest in right now. Currently, on presale, FGHT is available to buy for 0.0166 USDT per token. With its new-age features that give M2E rewards to users for maintaining a healthy lifestyle, the platform has already caught user attention.
FightOut - Next 100x Move to Earn Crypto
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This article was written for Business 2 Community by Patrick Jennings.
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