The cryptocurrency world is constantly evolving, and as an active cryptocurrency trader, you have to continue to grow. In the crypto space, information is power. When you have a great deal of information about a currency, that currency can yield you massive profits.
Truthfully, the most popular cryptocurrency on the globe is Bitcoin. Other popular currencies include Ethereum, Dogecoin among others. These currencies have grown in popularity because of their large market cap value and market stability. That doesn’t mean that you must buy the popular coins to have massive profits. Through fundamental analysis, a currency with a lower market cap can potentially give you way more gain than a large market cap.
About a week ago, the values of Bitcoin and other popular cryptocurrencies like Ethereum and Dogecoin all came crashing down. This dip took the world by storm, and if you’re an active trader in the crypto markets, I’m certain you know the cause. Most cryptocurrencies were affected. However, one that stands out is the Indian-created polygon cryptocurrency. This cryptocurrency saw a value reduction from $2.24 to $1.38 during the dip, but as we speak, the coin is back to the initial price. So should you invest in the polygon crypto currency? Let’s examine it first.
What exactly is Polygon?
Of course, polygon is a cryptocurrency that came into the market in 2017. The co-founders of this currency are all Indians with the names; Anurag Arjun, Jayanti Kaman, and Sandeep Nailwal. After a little while, a Serbian, Mihailo Bjelic, joined the team as a Co-Founder. When the polygon crypto first launched, it was known initially as the Matic Network.
If you’ve ever had issues with Ethereum on another blockchain or maybe a congestion issue because of the demand, polygon may be the solution. Polygon is a currency built on the Ethereum framework, but this time with a lot of advantages. This coin aims to build different ecosystems of blockchains that are compatible with Ethereum. This cryptocurrency acts as an open-source technology with ease allowing developers to build their respective blockchains easily.
As we have mentioned earlier, when polygon was new, it was known as Matic Network. This Matic Network provider a layer-2 scaling solution for Ethereum blockchains. However, they had to change the name when they were expanding. Now polygon offers you a blockchain network that’s compatible with Ethereum and is safe and secure. One great advantage of this currency is the ease of usage that it brings. If you are familiar with Ethereum, you’ll know that you’ll have to pay a fortune. However, with polygon, you can bypass the routine.
Is Polygon Profitable?
Polygon is a beautiful idea, and as such, has made news rounds across the cryptocurrency market. Many investors are considering this currency primarily because of the advantages. To out rightly say polygon is the next big thing may be outrageous, but from the look of things, an assumption may not be wrong. Around the time of the crash (May 17 precisely), the polygon was already boasting of over 75000 new investors. That means the currency was growing during a dip!
More so, Mark Cuban, a serial investor and influencer in the crypto space, has also taken an interest in the polygon cryptocurrency, as he made some investments. So you see, polygon is growing in popularity.
As usual, the crypto markets are highly volatile, and as such, you can’t assume based on growing popularity. Invest with caution into the polygon cryptocurrency, even with the promising early signs. You also can invest in the first blockchain-based fantasy sports platform- Fanspel to earn huge rewards.
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