MATIC Polygon Price Hits Highest Point in 12 Months Driven by Bitcoin Rise

Bittime - The price of Polygon's MATIC token surged nearly 10% to its highest point in a year. MATIC's rise coincides with Bitcoin's recent rally to an all-time high.

What is MATIC Polygon?

MATIC is the native token of Polygon, a blockchain platform that aims to create a multi-chain blockchain system compatible with Ethereum. Polygon uses a proof-of-stake consensus mechanism to process transactions, similar to Ethereum. MATIC is used for various purposes on the Polygon network, such as:

• Paying transaction fees: Users must pay transaction fees in MATIC to interact with decentralized applications ( dApps ) built on Polygon.
• Staking: MATIC holders can stake their tokens to help secure the network and earn rewards.

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Soaring MATIC Prices 

In the last 24 hours, MATIC has surged nearly 10% from lows around $1.14 to highs near $1.25 for the first time since March 2023, before giving up its recent gains slightly to trade around the $1.23 price point at the time of writing .

Key Factors for the Rise: Driven by Bitcoin

MATIC's price increase was most likely driven by Bitcoin's recent positive movement. Bitcoin itself has hit a new all-time high, surpassing the psychologically important $72,000 level. Bitcoin price increases often have a positive impact on the entire cryptocurrency market, including the MATIC token.

Today's MATIC Price

Based on today's Bittime market, the price of MATIC was observed to have increased 3.07 percent in the last 24 hours. Currently the MATIC to IDR price is IDR 19435

Also Read How to Buy Crypto:

Bitcoin's Impact on the Cryptocurrency Market

Bitcoin price increases often have a positive impact on the entire cryptocurrency market, including the MATIC token. This happens for several reasons:

• Bitcoin Dominance: Bitcoin is the oldest and most dominant cryptocurrency on the market. This means that its price movements are often seen as an indicator of the overall health of the cryptocurrency market. When investors become bullish (optimistic) on Bitcoin, they may be more inclined to invest in other cryptocurrencies as well, including MATIC.
• Market Correlation: Many cryptocurrencies, including MATIC, have a positive correlation with Bitcoin. This means that when the price of Bitcoin rises, the price of other cryptocurrencies also tends to rise, and vice versa. This correlation can be caused by several factors, such as investors who both invest in several cryptocurrencies or the movement of funds from Bitcoin to altcoins (cryptocurrencies other than Bitcoin) and vice versa.
• Investor Sentiment: An increase in the price of Bitcoin can improve the overall investor sentiment in the cryptocurrency market. Investors who see Bitcoin rising may become more confident in the future of cryptocurrencies in general, and this may encourage them to buy other cryptocurrencies, such as MATIC.

Nonetheless, it is important to note that the cryptocurrency market remains volatile. MATIC's current price increase may not be sustainable, and investors should always exercise caution before investing.

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How to Buy MATIC on Bittime

You can buy and sell MATIC in an easy and safe way via Bittime . Bittime is one of the best crypto applications in Indonesia which is officially registered with Bappebti. MATIC is available on Bittime with MATIC IDR pairing . 

To be able to buy MATIC/IDR tokens on Bittime, make sure you have registered and completed identity verification. Apart from that, also make sure that you have sufficient balance by depositing some funds into your wallet. For your information, the minimum purchase of Bittime assets is IDR 10,000. After that, you can make MATIC purchases in the application. 

Complete Guide on How to Buy MATIC on Bittime. 

Monitor the price chart movements of Polygon (MATIC) , Bitcoin (BTC) , Ethereum (ETH) , Solana (SOL) and other cryptos to find out today's crypto market trends in real-time on Bittime. 

Also read:

MATIC Staking: Definition, Benefits & Tutorial

Polygon Bridge: What Is It, and How to Use It?

Polygon (MATIC) Price Prediction According to Crypto Academy

DISCLAIMER : This article is informational in nature and is not an offer or invitation to sell or buy any crypto assets. Trading crypto assets is a high-risk activity. Crypto asset prices are volatile, where prices can change significantly from time to time and Bittime is not responsible for changes in fluctuations in crypto asset exchange rates.