Polygon Jumps in Crypto Market Rebound, as Ether Congestion Drives Adoption for Rivals

Polygon Jumps in Crypto Market Rebound, as Ether Congestion Drives Adoption for Rivals

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Omkar GodboleApril 26, 2021, 5:49 AM·4 min readOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.MATIC, the native token of Polygon Network, was gaining the most in a broad-based rally in cryptocurrencies on Monday as investors look to layer 2 scaling solutions amid continued stress on Ethereum's network.Messari data shows MATIC has risen by 40% in the past 24 hours, hitting 6.5-week highs above $0.50, for a 25-fold gain on a year-to-date basis. Bitcoin (BTC), the largest cryptocurrency, was up 6% over the past 24 hours, while No. 2 ether surged 10%.MATIC, now with a market capitalization of more than $2.5 billion, rose about 5% in price last week, defying a sell-off in cryptocurrencies as markets digested the prospects of U.S. President Joe Biden's proposed capital gains tax hike. If passed, the measure could dampen demand for riskier investment assets.  Related: 'A Crazy Success Story': Trevor Jones' NFT Gamble Pays OffAlex Svanevik, CEO of blockchain data company Nansen,