• Polygon (MATIC) has been experiencing a bullish trend as its upcoming zkEVM Network update draws near.
• This rally has been seen in other crypto assets as the global cryptocurrency market capitalization is above the $1 trillion mark.
• MATIC has moved from the $0.75 price tag seen late last year to $1.09 at the time of writing.
The crypto market has been on a bullish trend in recent weeks, with multiple crypto assets including Polygon (MATIC) climbing higher highs. The surge in MATIC’s price could be linked to the upcoming zkEVM Network update, which is set to improve the layer-2 scaling solution built on the Ethereum blockchain. With the mainnet launch just around the corner, investors have been pouring more funds into the asset.
MATIC has seen an 8.6% spike in price over the past 24 hours, mirroring other altcoins as the global cryptocurrency market capitalization continues to remain above the $1 trillion mark. Furthermore, the 1-day chart indicates more rallies as there is still liquidity at the current price level.
The positive trend in MATIC’s price is evident, as it has moved from the $0.75 price tag it had late last year to the $1.09 level it is currently trading at. This rally is likely due to the upcoming zkEVM Network update, which is expected to bring further scalability to the Polygon network.
The launch of the zkEVM Network is a part of the plans that the developers of the Polygon network have announced to enhance the layer-2 scaling solution. This update has been highly anticipated and is set to bring new features to the network, including increased security and faster transaction times.
Overall, MATIC’s bullish trend could be linked to the upcoming zkEVM Network update, as investors are pouring more funds into the asset in anticipation for the launch. With the mainnet launch just around the corner, it will be interesting to see how the market reacts and how MATIC’s price will be impacted.