Why Polygon Is Outperforming Bitcoin, Ethereum And Dogecoin Today

While most altcoins struggle in light of the bearish cryptocurrency market,PolygonMATIC/USD has been outperforming the apexBitcoinBTC/USD ,EthereumETH/USD and evenElon Musks favoriteDogecoinDOGE/USD .

What Happened: MATIC is up by 9.50% in the last 24 hours, trading at $0.97 at the time of writing, according todata from Benzinga Pro. On Oct. 13, MATIC was trading at $0.73, since then the price increased by 32%, according to CoinMarketCap.

See More:How to buy Polygon?

On the other hand, Bitcoin is down 0.70% in the last 24 hours, and 2.19% in the last seven days.Ethereumcontinues to hover around the $1500 markdown by 2.40% over the past 24 hours. Dogecoin also witnessed a 5.39% fall in the last 24 hours, as per CoinMarketCap.

Why Is This Happening: MATICs rise over the past seven days can be attributed to two likely reasons: JP Morgans execution of the first on-chain trade on the Polygon network: The trade was facilitated by the Monetary Authority of Singapores (MAS) Project Guardian on Nov. 2, which was established as part of a pilot program to explore potential decentralized finance (DeFi) applications in wholesale funding markets. Meta's META decisionto allow Instagram usersto mint Polygon-based Nonfungible tokens (NFTs).

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