- Polygon’s price increased by more than 50% in January 2023.
- MATIC’s NFT ecosystem continued to grow and the metrics were looking in its favor.
polygon [MATIC] outperformed cryptos with larger market caps, including bitcoin [BTC] and Ethereum [ETH]in terms of its performance on the price front in January 2023. According to the latest data, the price of MATIC increased by 53%, while BTC and ETH increased by 41% and 36%, respectively.
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$BTC $ETH $BNB and $MATIC price history in January 2022#Polygon +53.77%#Bitcoin +41.76%#Ethereum +36.35%#BNBCHAIN +29.9% pic.twitter.com/ hz94kotxhx
— Polygon Daily 💜 (@PolygonDaily) February 8, 2023
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CoinMarketCaps Data revealed that MATIC’s price is up over 7% over the past seven days, trading at $1.26 at the time of writing, with a market cap of more than $11 billion.
But not only in terms of price, MATIC has also seen growth in its unique addresses recently as it has outperformed that of Binance Coin [BNB] and Ethereum, which have made MATIC a leading player in the blockchain space.
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2/ Polygon’s number of unique addresses has grown rapidly and continues to overtake BNB Chain and Ethereum, positioning itself as a leading player in the blockchain space.
— Polygon Daily 💜 (@PolygonDaily) February 8, 2023
Polygon NFT continues to increase
MATIC ended last year on a high note as its NFT ecosystem thrived. According to Polygon Daily DataNFT transaction count and Polygon transfer count skyrocketed in December 2022. Trading activity was declining throughout 2022, but picked up again in recent months, reaching a new high of over 200,000 traders in January 2023.
This increase is due to the launch of several projects on the network, including Reddit Collectible Avatar, Lens Protocol, and more. Also CRYPTOSLAM’s Data revealed that the number of buyers and sellers in Polygon’s NFT ecosystem has increased significantly.
According to Santiment’s diagram, MATICThe total number of NFT trades and trading volume in USD also recorded an increase in January 2023.
Source: Santiment
2023 looks promising
Positive sentiment surrounding Polygon has seen an uptick lately, reflecting confidence in the crypto community MATIC. Moreover, this was proven again as an increase in MATIC accumulation was also noted.
To read polygons [MATIC] price prediction 2023-24
WhaleStats, a popular Twitter handle that posts updates related to whale activity, revealed that an Ethereum whale bought 2,127.96 MATIC, which was evidence of increased whale interest.
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🐋 ETH whale “BlueWhale2633” just bought 2,127,963 $matic ($2,659,954).
Ranked #974 in WhaleStats: https://t.co/SX3QLlnvP7
Transaction: https://t.co/yicXgVKMPz#ethereum #whalestats #babywhale #BBW
— WhaleStats (tracking crypto whales) (@WhaleStats) February 10, 2023
In addition, CryptoQuant pointed out that MATIC’s foreign exchange reserves declined, indicating less selling pressure. Another positive development was that the total number of transactions had increased, as had the daily in-chain transaction volume in profit. However, MATICThe MVRV ratio of has been trending down, which could cause problems in the short-term.
Source: Santiment
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