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ETH blockchain dominance seems to be coming to an abrupt end anytime soon. The recent upsurge in MATIC market price has posed a strong competitor for the blockchain. However, with just 80% of the token in circulation the, the action may be a bull run or trap,
MATIC’s High Upsurge: Possible Bull Run
Analysis from the past 30 days shows the abnormal bullish movement and run in MATIC. It made an approximate 50% price gain in seven days despite the current bear momentum in the cryptocurrency market.
This momentum has projected Polygon (MATIC blockchain) to high standards that may be considered a threat to ETH blockchain. The blockchain finished the angle borrow module protocols, following ETH blockchain. The Angle protocol implementation has proved to be a problem.
Polygon has joined the list of blockchains (BTC and ETH blockchain) that have successfully implemented and supported the protocol. There are indications of a high upsurge for MATIC, as blockchain users see it in a new light and dimension.
Blockchain users may change to MATIC due to the exorbitant gas fee and delay on Ethereum PoS (proof of stake). If this speculation happens, ETH will prepare for fierce competition with Polygon. The price action of MATIC could go bullish and even reach a new all-time high, going above the records on Polygon.
According to statistics, $7.6 billion has been reclaimed by MATIC in the market cap and currently ranks 12th position amidst crypto capitalization leaders. In the past six days, MATIC acquired over $2 billion in the crypto market cap, which amounts to a 50% gain.
Polygon is currently 5% away in market cap from claiming the 11th leader position from Polkadot. These factors are indications of a possible bull run for investors who are adding MATIC to their portfolios.
MATIC Price Movement
MATIC price action has kept holders, investors, and crypto analysts in an unexpected position. The token garnered over a 190% increase in a month, despite the current situation of the cryptocurrency market.
MATIC was one of the beneficiaries of the bullish rally in the market on the 18th of July. The token garnered about a 28% increase in the price action in 24 hours, one of the highest gains recorded.
From the analysis from the 17th of June, MATIC does not indicate profit booking or bearish movement. Its action since the 22nd of July has kept bulling without losing much momentum. Buying pressure may be high on the token in the short term.
The trading volume on the network has kept waxing, and selling pressure appears to be very low. Enthusiasts are holding out their tokens, expecting a high price action. If the buying pressure keeps increasing, a bull is assured.
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