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MATIC price rally: Bullish Polygon nears the $1 mark

By Raphael Sanis

Edited by Charlie Mellor

09:32, 26 October 2022

Representation of the polygon token, MATIC, and its icon
Polygon was up 11% in the past seven days, as of 26 October – Photo: Shutterstock

Polygon (MATIC), a Layer 2 scaling network for Ethereum, is approaching the $1 barrier for the first time since August this year.

MATIC to USD

The price surge in MATIC followed wider bullish moves in the industry as bitcoin (BTC) crossed the $20,000 mark and ether (ETH) broke above $1,500.

As of 26 October, polygon was trading at $0.95, up 7% in the past 24 hours and 11% in the previous week.

It has also managed to break its month-long trend of trading sideways and was up 27% in the past 30-days.  

The Nubank partnership

This price rise follows the bullish news that Nubank, a Brazilian fintech company backed by Softbank and Warren Buffett’s Berkshire Hathaway, is using Poylgon to create its own digital token titled nucoin.

Polygon tweeted: “Nubank, the largest FinTech institution in Latin America, joins a long list of global companies like Robinhood, Starbucks, & Stripe that choose Polygon as their entry point to Web3.”

ETH/USD

3,414.15 Price
-0.540% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

BTC/USD

63,851.65 Price
-1.480% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.12 Price
-3.470% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

XRP/USD

0.58 Price
-9.770% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.01168

Nubank will be utilising Polygon Supernet, a blockchain-as-a-service organisation that empowers businesses entries into the crypto industry.

The goal of nucoin is to reward the company’s consumers with an incentivised token economy. Fernando Czapski, the general manager of nucoin, said: “We want to break paradigms and revolutionise the way companies reward people who use their services.”

Wider market trends

As polygon closes in on the $1 mark, crypto giants are experiencing surges after what has been a difficult month.

Since falling below $19,000 on 11 October, bitcoin has recovered some losses. At the time of writing, BTC had risen by more than 6% in the past 24 hours and was trading at $20,600.

Meanwhile, ethere was trading at its highest price following its move to a proof-of-stake consensus last month. ETH was up 17% over the past week and was changing hands at $1,530.

Markets in this article

BTC/USD
Bitcoin / USD
63851.65 USD
-957.3 -1.480%
ETH/USD
Ethereum / USD
3414.15 USD
-18.53 -0.540%
MATIC/USD
MATIC/USD
0.53932 USD
-0.03162 -5.770%

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The difference between trading assets and CFDs
The main difference between CFD trading and trading assets, such as commodities and stocks, is that you don’t own the underlying asset when you trade on a CFD.
You can still benefit if the market moves in your favour, or make a loss if it moves against you. However, with traditional trading you enter a contract to exchange the legal ownership of the individual shares or the commodities for money, and you own this until you sell it again.
CFDs are leveraged products, which means that you only need to deposit a percentage of the full value of the CFD trade in order to open a position. But with traditional trading, you buy the assets for the full amount. In the UK, there is no stamp duty on CFD trading, but there is when you buy stocks, for example.
CFDs attract overnight costs to hold the trades (unless you use 1-1 leverage), which makes them more suited to short-term trading opportunities. Stocks and commodities are more normally bought and held for longer. You might also pay a broker commission or fees when buying and selling assets direct and you’d need somewhere to store them safely.
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