Among the top 20 cryptocurrencies worldwide, Polygon has enrolled itself with over $10 billion in market capitalization. The numbers were derived last week when market runners like Bitcoin, Ethereum, and others dealt with sharp plunges.
As per the latest market update, Polygon (MATIC) has marked a 30.25% high on a 24-hour chart. The token has spiked by 112.37% in the last seven days. Looking at the gains against BTC and ETH, Polygon marked 38.18% and 33.14% profit, respectively. Matic price prediction is indicating a surge in the coming days.
Polygon is created by three Indians and is a scaling solution for ETH. The coin has primary issues of high processing and transaction fees with Ethereum. The token developers aim to use Layer 2 sidechains, which will resolve the problem of high-end transaction and processing fees. Also, due to the spike in demand for DeFi (decentralized finance) and NFT (Non-fungible tokens), Polygon’s market cap rallied. Binance initial exchange offering raised $5 million in 2019. In March 2021, Coinbase, America’s biggest cryptocurrency exchange, enlisted Polygon.
Recently in a meeting with the government, crypto exchanges have urged to replace the central bank, RBI, with SEBI as market regulators. The proposed crypto assets fall under the category of commodity rather than currencies. Many attendees proposed for an amalgamated market regulator that would bring forth the regulations of SEBI and RBI. They added they would help in better regulation monitoring of exchanges. The debate for market regulators started since the inception of cryptocurrencies. However, the government has kept in mind all the demands, yet few threads still need to be attached.
There is an off-the-record update regarding the same meeting. In the past few weeks, prominent financial institutions and banks like ICICI Bank and IndusInd Bank have informed payment getaways to stop processing cryptocurrency exchanges.