MATIC Soaring High 🥳

Despite choppy market, MATIC looks strong and soaring high

January 27, 2023

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The crypto market is battling the bears, with most top cryptos by market cap turning red. ETH leads the way down, having shed 3.01% gains. The crypto downtrend has resulted in the overall market cap seeing a 1.24% decrease since yesterday. Despite these changes, the Crypto Fear and Greed Index is at 55/100, indicating Greed. Meanwhile, MATIC has bucked the trend with 9.07% gains.

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Market pulse 📈

Bitcoin Fear & Greed Index

Today's Crypto Trends

*Last updated at 9:00 am, 27 January 2023

From the crypto news wires 📰

Banking giant Goldman Sachs has ranked Bitcoin as the best-performing asset in the world this year. Bitcoin has outperformed the likes of S&P 500, gold, real estate, and Nasdaq 100 with returns of 27% this year as of 23 January 2023, according to the Goldman Sachs report. The report has given Bitcoin a risk-adjusted ratio of 3.1—better than every other asset it covered. The closest asset to Bitcoin in terms of price performance is the MSCI emerging markets index, with a YTD return of 8%.

The popular memecoin, Shiba Inu, is making its fashion industry debut with Italian fashion designer John Richmond. Richmond revealed a SHIB-inspired clothing line via his official Twitter handle on 26 January, including a collection preview. The street-style design included a shirt and pants with the word Shiba on them. Shiba’s fashion foray pushed SHIB’s price up by 1.71% in the last 24 hours.

Electric car manufacturer Tesla revealed in a recent earnings report that it did not sell any BTC in Q4, despite the crypto winter and contagion. The company’s digital assets largely consist of Bitcoin. The company’s BTC holdings currently amount to $184M, according to the company’s balance sheet. Last quarter, the same holdings were worth $218M. The value drop is due to BTC price fluctuations.

Thanks to its recent partnerships and launches, Polygon has registered a spike in its daily active users (DAUs), analytics provider Token Terminal reveals. Polygon has over 344.5K DAUs at the moment. Overtaking Ethereum, Polygon now comes in just after BNB Chain. Ethereum and Solana have 324K and 135K DAUs, respectively. As a result, Polygon’s MATIC token continues to witness strong momentum. It is up by 48% since 31 December. The user base is expected to increase further with the launch of its zero-knowledge EVM mainnet scheduled for early 2023.

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