The crypto market is currently in a deep consolidation. Most cryptocurrencies are in a sideways trend, hovering around their respective support areas. Bitcoin and Ethereum currently stand at around $17,000 and $1,200 respectively with no fundamental news. However, MATIC has been able to pave its way as one of the 10 biggest cryptocurrencies on the market. Is MATIC a good buy for 2023? How high can MATIC price go in the next bullrun?
What is MATIC coin?
The MATIC coin is the native token that runs on the Polygon blockchain. The latter is a scaling solution for Ethereum. Polygon helps in carrying faster transactions in an efficient way, which renders fees much lower. It basically aims to simplify the Ethereum blockchain with its second layer or the so-called “sidechains”. This helps in better distributing the transaction load that occurs on Ethereum. This is what a layer 2 solution is about. 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.
How did MATIC perform in 2022?
The year 2022 was a harsh one for all cryptocurrencies. The average loss across the crypto market was around 65%. Even stablecoins that were supposed to be “stable” were shaken to their core. MATIC prices also had their share of the downfall. Prices crashed from a high of $2.5 and reached a low of $0.31 losing almost 88% YTD.
However, MATIC prices rebounded higher from that low support reaching the current price are of $0.90. In fact, we witnessed a consolidation delimited between $0.70 and $1 since mid-July of 2022.
Is MATIC a Good Buy?
Big companies are starting to jump on the crypto bandwagon. If not crypto, it’s NFTs and Metaverse (or digital collectibles as some other companies like to call it). When switching to this “new world”, companies are expected to make a choice when selecting a blockchain.The obvious answer would be to select a fast and efficient blockchain.
Polygon has been the go-to choice of many big companies recently. The list includes Meta, Starbucks, Nike and even Mercedes. Buying in MATIC cheaply before the crypto bullrun should be an obvious answer. However, one must make sure to invest wisely.
How High will MATIC price go in 2023?
There is nothing currently certain when it comes to crypto prices in the upcoming year of 2023. However, most analysts predict a consolidating market up until Q3 of 2023. MATIC should continue rising slightly to reach the price area between $1 and $1.2
On the other hand, once the crypto market returns, MATIC should be able to reach its previous all-time high of around $3. This means that by buying at today’s prices, one can earn more than 300% on his investment…not bad!
Where 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:
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