Bloomberg has predicted a massive rally for the Polygon token, MATIC, in February 2023. The media and financial intelligence company noted that Matic has been able to attract notable financial institutions such as Coca-Cola, Starbucks, Meta and others.
According to the much-anticipated report, Polygon, which is a layer-2 network, has the third-largest ecosystem for decentralised apps (dApps). Similarly, many of the most popular DeFi dApps on Ethereum, including Aave and Uniswap, have migrated over to the polygon network.
Bloomberg report noted that Matic’s growing adoption is now being embraced by mainstream corporate giants including Nike, Disney, Starbucks, Coca-Cola, Meta and Reddit. With about 395 Apps, the Polygon Network is ahead of its competitors which include Fantom and is in serious competition with Ethereum.
At the time of writing this report, Matic which is the 10th most capitalised cryptocurrency is up by 50% in 30 days and 2.31% in 7 days despite the correction across the cryptocurrency market, data from CoinDesk reveals.
Similarly, a year-to-year analysis shows that Matic is down by 30.17% which is a reflection of strong performance and solid fundamentals. Investors King understands that Bitcoin and Ethereum are down by 45.02% and 45.91% respectively at the time of writing this report.
Starting further, the Bloomberg report noted that the wider cryptocurrency market could resume its rally while the most capitalised altcoin, Ethereum, is on a definitive path toward resuming a long-term uptrend against BTC.
The report however acknowledged that the cryptocurrency market might be heading for a tough time before it resumes an upward trend.
“Cryptos may be facing their first real recession, which typically means lower asset prices and higher volatility. The last significant US economic contraction, the financial crisis, led to the birth of Bitcoin, and the possible coming economic reset may mark similar milestones. A key question is how much price pain will there be before longer-term gains resume.” the report stated.