Polygon (MATIC) got a lot of attention in 2022 despite the bear market. Because despite the drop in prices, the performance of the Matic Coin has been very stable in recent months. MATIC was even able to break into the top 10 cryptocurrencies and surpassed last year’s trending coins such as Solana and Avalanche. The year 2023 could bring bullish phases again. But can Polygon (MATIC) become the best cryptocurrency for 2023?
In this article, we want to discuss the upcoming year 2023 and the role of Polygon (MATIC) in this crypto year.
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What is a polygon (MATIC)?
Polygon is a decentralized applications (dApps) platform built on the Ethereum blockchain. It was originally developed as Matic Network and later renamed itself Polygon.
Polygon offers a range of tools and services that enable developers to build and run dApps. One of Polygon’s main goals is to improve Ethereum’s scalability and user experience by leveraging alternative protocols and technologies that enable faster transaction confirmations and lower fees.
Polygon is part of the so-called Ethereum Virtual Machine (EVM) ecosystem and also supports the use of smart contracts running on the Ethereum blockchain. It is a popular platform for developing DApps in various fields including finance, gaming, and Decentralized Autonomous Organizations (DAOs).
How has the MATIC price evolved in 2022?
MATIC price has seen bigger price losses in the last 12 months. However, the price also came from an all-time high reached on December 27, 2021 at $2.92. Matic Coin’s losses were particularly large in the first half. By mid-June, the rate had fallen below $0.35.
In the weeks that followed, however, the rate rose back to $1. In the second half, we continued to have small losses, but they stabilized over time. After a price explosion in early November 2022, these gains were wiped out by the FTX crash and the price of MATIC fell back below $1. The price has stabilized below the $0.80 mark recently.
Is Polygon (MATIC) the star of cryptocurrencies in 2023?
In 2023, many cryptocurrencies could rise in value again. This should include the Matic part in particular. Because over the last 1-2 years the network has grown tremendously and more and more dApps are using Polygon as a solution for greater scalability of their applications.
Already in 2022, Polygon has executed more than 700,000 smart contracts. Additionally, the network has nearly 200 million addresses and has processed half a million transactions. Polygon has also benefited from the reputation it has gained through partnerships with major companies such as Disney, the NFL, Meta and many more.
In 2023, Polygon should be able to take this momentum with it. Because the network is now seen as more than just a scaling solution for Ethereum.
What else could drive Polygon (MATIC) forward in 2023?
In 2023, Polygon (MATIC) wants to take another important step. They want to develop a multi-chain model that can perform functions similar to what Polkadot has already established with its “parachains”. This system is called the “supernet” at Polygon and could make Polygon a new version of the “blockchain internet”.
While other projects after FTX must come together first, Polygon as a network approaches the next 12 months with optimism. This should not only allow the network to continue to grow massively, but also increase the price of Matic Coin.
Is an investment in the Matic Coin worthwhile in 2023?
Polygon (MATIC) could also be one of the most exciting cryptocurrencies in the market in 2023. If the market were to turn slightly bullish again, the price of the MATIC course could rise relatively sharply. Of course, there are no guarantees with cryptocurrencies, but Polygon (MATIC) could be a good investment choice. We don’t consider prices of up to $4 for MATIC to be out of the question.
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