Polygon (MATIC) Unseats Bitcoin in User Growth, Polygon (MATIC) Network Hits Multiple Milestones
- PHPzOriginal
- 2024-07-18 06:19:091134browse
MATIC is not only superseding its previous highs but also outperforming notable competitors like Bitcoin.
For many crypto assets to integrate into the mainstream, they must have fundamentally sound offerings to pique global interest and usher in investors. This is the case with MATIC, a prominent cryptocurrency pegged to its blockchain, Polygon.
The fate of MATIC is deeply intertwined with Polygon’s market value and the network’s continuous growth and development.
Recent events have bolstered this position, as new data has revealed that the Polygon network has hit several milestones. The Ethereum-based layer-2 scaling solution has recorded network breakthroughs over the past weeks.
In an update today by Polygon, it was disclosed that the Polygon network has recorded a surge in its growth. Daily active addresses have hit levels last seen in October, reaching as high as 500,000.
It is worth noting that according to data from Artemis, a cryptocurrency analytics firm, daily active users on Polygon PoS totaled 519,970 back in January. This marks a significant growth over a 30-day time frame, as the total number of active users was at a low of 247,200 in November.
Polygon (MATIC) unseats Bitcoin in user growth
MATIC is not only surpassing its previous highs but also outperforming prominent competitors like Bitcoin. According to data from Flipside Analytics, Poluhom brought in 15.2 million new user addresses last year.
The milestone marks a 50% increase over Bitcoin’s 10.6 million users acquired in the same year. The development places MATIC next to Ethereum, another long-standing rival of Bitcoin.
The data is particularly relevant for gauging MATIC’s market potential, as an expanding user base indicates increased demand for the asset. Despite MATIC’s bearish performance in recent months, this could positively influence user sentiment.
However, if adoption continues to soar, it could positively impact price action.
notably, This week has been largely bullish for MATIC amid the collective altcoin downtrend. At the time of writing, MATIC is up by 0.46% and has managed to rake in more than 5% weekly gains. However, combined monthly losses still total over 13%. At press time, MATIC is trading for $0.52.
MATIC could continue its run into the new week or follow the same direction as its altcoin counterparts. However, as highlighted above, the market fundamentals are increasingly positive.
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