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Currently, the cryptocurrency market is in the bearish state, while bitcoin is failing to maintain the $8,000 level, most of the altcoins are moving in a sideways or downward trend.
At the time of writing, one of the lesser-known altcoins isn’t following the bearish trend, Matic network also known as MATIC coin is currently surging high with 105% growth in a single day.
Matic network price has increased by105.65% against USD, trading at$0.044214 USD. In terms of MATIC/BTC and MATIC/ETH, the price spiked up by 108.64% and 107.56% with trading value 0.00000561 BTC and 0.00017692 ETH.
Currently, the MATIC token is ranking in 66th position, holding market cap $95,507,814 USD with $466,688,597 USD 24 hour volume and 2,160,114,068 MATIC circulating supply. Currently, Matic Network can be bought or sold on popular cryptocurrency exchange Binance.
The MACD indicator has turned bullish on the one-hour time frame and continues to issue a strong buy signal.
The Relative Strength indicator has turned bullish on the one-hour time frame which is above 50 levels.
Reason Behind Sudden Growth
On may 20th, Matic network announced that it had joined Binance Info’s transparency initiative, which suggests investors would be regularly updated about the progress and state of the project.
Moreover, The platform also hopes that Matic will get listed on Coinbase after the team announced that it had secured funding from Coinbase Ventures.
Also, the platform recently announced the integration of Matic’s Plasma and PoS sidechain network with the Decentraland ecosystem.
At present, it seems that these announcements may be the key reasons driving such tremendous growth.