Ethereum

Bitcoin

Polygon

<figure>
 <figcaption>
  Cover image via <a href="https://u.today/" rel="noopener noreferrer nofollow">U.Today</a>
 </figcaption>
</figure>
<p dir="ltr">Polygon (MATIC) has just registered a significant new milestone, especially in relation to Bitcoin (BTC) and Ethereum (ETH).&nbsp;<a href="https://x.com/MihailoBjelic/status/1810262672857866630" rel="noopener noreferrer nofollow">According</a> to a simple performance stat shared on X by Polygon cofounder Mihailo Bjelic, the total number of active addresses on the layer-2 network is more than that of Bitcoin and Ethereum combined.</p>
<h2 id="polygon-picking-small-wins">Polygon picking small wins</h2>
<p dir="ltr">While it represents a unique asset class, Polygon remains one of the top digital currencies to watch out for. Amid the price drawdown recorded over the past week, Polygon has seen its total active users jump by 1.18 million in 24 hours. In comparison,&nbsp;<a href="https://u.today/bitcoin-btc-to-skyrocket-220-according-to-bullish-megaphone-pattern" rel="noopener noreferrer nofollow">Bitcoin</a>’s active users within the same period came in at approximately 594,000, while those of Ethereum are pegged at 365,000.</p>
<blockquote>
 <p lang="en" dir="ltr">Number of active addresses (24h):Polygon: 1.18MBitcoin: 594kEthereum: 365kNot too shabby, I guess..</p>— Mihailo Bjelic (@MihailoBjelic) <a href="https://twitter.com/MihailoBjelic/status/1810262672857866630?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">July 8, 2024</a>
</blockquote>
<p dir="ltr">These active users underscore many different positive metrics for their respective crypto networks. For Polygon, being a smaller protocol in market capitalization does not undermine its recognition as a well-used chain.</p>
<p dir="ltr">With the Polygon network running smoothly despite its massive on-chain transactions or activity, it shows that the efforts of the Polygon team to scale the protocol are not wasted. This validation is especially needed for Polygon, whose&nbsp;<a href="https://u.today/polygon-matic-profitability-posts-shocking-figures" rel="noopener noreferrer nofollow">address profitability</a> has been slumping in recent times.</p>
<h2 id="polygon-revival-bid">Polygon revival bid</h2>
<p dir="ltr">Per data from IntoTheBlock, exactly 90.62% of all Polygon addresses are in losses at the time of writing. In actual figure terms, this amounts to 627,350 addresses.</p>
<p dir="ltr">Drawing on this, MATIC holders are in dire need of recovery, and every&nbsp;<a href="https://u.today/polygon-matic-hits-major-milestone-on-path-to-community-ownership" rel="noopener noreferrer nofollow">positive ecosystem fundamental</a> adds up to the trigger needed. Already, MATIC is responding to some of these key fundamentals as its price has returned to a bullish setting.</p>
<p>At the time of writing, the coin is up 4.63% in the past 24 hours and is changing hands for $0.5046&nbsp;<a href="https://coinmarketcap.com/currencies/polygon/" rel="noopener noreferrer nofollow">per</a> data from CoinMarketCap. After falling by more than 9% in the past seven days, this recovery proves a brighter week might yet be ahead.</p>

Polygon Suppresses Bitcoin and Ethereum in Major Metric

Table of Contents

U_Today

Alte articole publicate pe 8 iul. 2024

XRP Analyst Expects Over 340% Surge as XRP Nears Completion of Massive Wedge Pattern Over 6 Years

Polkadot Ecosystem Surges: Monthly Signed Transactions Up 33%

Venezuela Sees Surge in Crypto Remittances Amid Economic Crisis and Government Clampdown on Mining

Crypto experts divided on the next Bitcoin price action

These Events Will Upheave the Crypto Market This Week!

How Will PancakeSwap Airdropping 2.4 Million ZK Tokens Affect The Price

Join our free newsletter for daily crypto updates!