It is no secret that the year 2022 was a tough one for the cryptocurrency market. Cryptos aren’t supposed to increase in price every year. Some years are green while others are red. MATIC prices are already on the road to recovery, unlike its peers. How high can MATIC go before 2023? Should you be involved in MATIC staking? Let’s analyze in this MATIC price prediction article.
What is Polygon MATIC?
Polygon is a scaling solution for the Ethereum Blockchain. Transactions may be carried out more quickly and effectively. To evenly share the strain of transactions occurring on Ethereum, Polygon makes use of so-called “sidechains.” A layer 2 solution focuses on this. Ethereum devised its own scaling strategy to get around the hefty costs. The network was originally known as MATIC. At the conclusion of 2017, this was published on the Ethereum blockchain. Later, Polygon was given to the network. The native token’s name is merely MATIC.
Polygon aims to simplify the Ethereum blockchain with the second layer. The productive proof-of-stake consensus technique underlies the operation of Polygon’s sidechains. Developers may use Polygon to handle their smart contracts and dApps.
MATIC News: BIG Companies using Polygon?
There is currently a growing list of big companies dipping their toes into Web3. In order to do so, they need to look for a blockchain that has smart contracts such as Ethereum. However, The latter still has problems in regard to scaling and speed when it comes to big data. This is where Polygon comes to the rescue.
Since Polygon helps in scaling Ethereum, those companies are choosing Polygon as their go-to blockchain. Here is a list of the latest companies to announce partnering with Polygon:
- Meta
- Starbucks
- Nike
- Mercedes
- Behance
- Stripe
MATIC to USD
If you need to buy MATIC, it means that you are willing to sell another currency. If you want to buy MATIC today with your US Dollars, you’ll need around $0.86 to purchase 1 MATIC.
How to Buy MATIC?
MATIC tokens can be bought on more than 50 exchanges. However, it is important to choose solid exchanges. The latest FTX crash showed how important is it to choose the right broker. Centralized exchanges are still the gateway from legacy finance into blockchain tech. We at CryptoTicker recommend the following trusted exchanges:
MATIC Staking: Should you do it?
Staking a cryptocurrency means that you are willing to lock your tokens in order to receive a certain return on your investment. It’s very similar to opening a savings account in a traditional bank, but without the hassle of the tedious paperwork.
Staking is usually better done during bull markets. This means that the price of the underlying locked asset is rising, while also benefiting from a return from the locked period. During bear markets, it is better to liquidate and park your assets in a stablecoin, unless you’d want to short-sell.
Binance is a good broker that offers MATIC staking, offering returns ranging between 2% (flexible) and 21.9% (21 days locked).
MATIC Wallet: Which one is the best?
A MATIC wallet is a software that allows you to store your MATIC tokens securely without any intermediary. You hold full control over your tokens, directly on the blockchain.
One of the most well-known Ethereum-based MATIC wallets is Metamask. It works with every layer 2 and chain built on Ethereum, including Polygon.
MATIC Price Prediction: How High can MATIC go before 2023?
MATIC is currently in an uptrend since its bottom of around $0.32. In figure 1 below we can see how this uptrend is playing out, despite the recent drop from a price of $1.3. The current strong consolidation of MATIC stands between $0.70 and $1.
MATIC should continue to rise slowly following this uptrend if all other fundamentals remain constant. By the end of 2022, MATIC is expected to reach $1.
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