The post Polygon (MATIC) Price Prediction by James Wells appeared first on Benzinga. Visit Benzinga to get more great content like this.
Decided you want in on the action? You can buy Polygon on Coinbase, Crypto.com, eToro, and Voyager.
Cryptocurrency prices are moving quickly. Ethereum (ETH) is shooting higher in a renewed bull market. DeFi applications offering token swaps, liquidity mining and staking for interest are boosting participation in the space. And as the technologies underpinning smart contract platforms continue to develop, their associated tokens promise incredible gains for investors.
While holders of ETH are surely happy with recent price increases, users of the Ethereum platform are literally paying the price for the blockchain’s success — in gas! As ETH rises in fiat value, network congestion becomes a headache for traders. Gas fees skyrocket. Transactions slow. And a growing segment of crypto enthusiasts find themselves priced out of the dApps built on top of the world’s 2nd largest blockchain.
Due to the inherent problems with Ethereum’s low throughput and high fees, savvy investors are increasingly looking for alternatives in the altcoin market. Layer 2 solutions like Polygon (MATIC) have made terrific headway with traders in the space.
But what is Polygon, exactly? And what kind of returns can be expected from a reasonable investment in the altcoin? With huge gains being realized everyday in the crypto market, Investors are asking just one question, how high can Polygon go?
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What is Polygon?
At its most basic level, Polygon is a layer 2 solution for dApps built on Ethereum. Polygon allows traders to access, swap, exchange and stake ETH and ERC-20 tokens without the associated congestion and fees that plague the original smart contract platform.
With a proof of stake (PoS) bridge available to traders, Polygon seamlessly transfers funds between the Ethereum and Matic networks. Using the token, MATIC, traders can explore the dApps they’ve come to love on Ethereum while paying significantly less for the associated transaction fees.
But Polygon is more than a layer 2 solution. Ultimately, the company represents Ethereum’s “internet of blockchains.” Offering a framework for building Ethereum compatible blockchains, Polygon supports a multichain Ethereum ecosystem.
Polygon Market Position
Polygon is ranked No. 19 by market cap in an expanding list of altcoins. Trading near $1.46 at the time of writing, this leader in the layer 2 space has grown 10%, along with ETH, in the past week. As a top-tier altcoin with a usable platform, Polygon will likely attract an influx of traders, who after purchasing ETH, will find themselves unable to use it on Ethereum because of soaring gas fees.
With a circulating supply of more than 6.5 billion coins, Polygon now finds itself nearing a $10 billion market cap. While there is still room to run, investors may be more interested in how the company will maneuver among a newer class of multichain competitors, like Cosmos (ATOM).
PrimeXBT Analyst Kim Chua’s Bull Case for Polygon
PrimeXBT analyst Kim Chua is an institutional trading specialist. While known far and wide for her successful trading strategies in traditional markets, Kim actively follows cryptocurrencies in her role with PrimeXBT. And what she sees is extremely bullish for Polygon.
According to Kim, MATIC should be trading at $2.78 — at a minimum. Kim says Polygon suffers from a low valuation multiple when compared to other tokens in the space. And if she’s right, Polygon could be looking at incredible gains in the near term.
Trading Beasts’ Bear Case for Polygon
Trading Beasts, a leading forex and crypto educational portal has forecast long-term expectations for the MATIC token. While generally bullish in the near-term, the analysts behind the Trading Beasts portal believe the token will settle after reaching $1.83 by the end of October 2021. According to the education portal’s prognosticators, MATIC won’t be able to hit $2 until sometime after March 2022.
Where to Buy Polygon
earn free crypto
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs.
You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality.
Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Best For
- New cryptocurrency traders
- Cryptocurrency traders interested in major pairs
- Cryptocurrency traders interested in a simple platform
- Simple platform is easy to operate
- Comprehensive mobile app mirrors desktop functionality
- Coinbase Earn feature rewards you with crypto for learning about available coins
- Higher fees than competitors
Invest In Crypto
securely through Gemini Crypto’s
website
Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x.
Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader.
In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.
Best For
- New investors looking for a simple mobile and web app
- Day traders looking to use technical analysis tools
- Users looking for a 1-stop-shop to buy, sell and store all of their cryptos
- Easy and quick signups — can get started in as little as a 5 minutes
- Multitude of platforms to accommodate traders of all skill levels
- Hot wallets include insurance to protect your from theft and hacking attempts
- Charges both a commission and a convenience fee for users buying and selling through the desktop or mobile app
get started
securely through crypto.com’s
website
Crypto.com strives to make cryptocurrency a part of everyday life by offering a full suite of services for crypto users. The company offers a Crypto.com App, Exchange, Visa Card, DeFi swap, DeFi Wallet, DeFi Earn, Crypto.com Price, staking, crypto lending, and many other services. What really sets them apart, however, is the combination of super low fees and incredibly generous rewards programs for their users.
Best For
- Traders who want access to a secure, low-cost cryptocurrency exchange
- Passive investors who want to earn interest on their balance without frequent trading
- Mobile investors who prefer to handle all their crypto needs via their phone or tablet
- Low fees
- High security
- One-stop shop for all your crypto needs (wallet, trading, spending, and more)
- Lots of ways to earn interest, rewards, and rebates
- Low privacy
- Customer service response time could be improved
If you’ve made it this far, you probably want to know where you can find the token behind Polygon’s multichain scaling solution. Lucky for you, MATIC is widely available on most top exchanges.
When deciding on a trading platform that’s right for you, it pays to consider the differences among your options. With state-of-the-art security and feature-rich trading environments, your best options for buying MATIC include Coinbase, Gemini and Crypto.com.
How Long Will it Take for Polygon to Reach $5?
Market participation is increasing. As Ethereum rises in price, its problems — network congestion and gas fees — magnify. Altcoins with smart contract platforms and layer 2 solutions like Polygon lie front and center before an increasingly frustrated investor class. And as Ethereum continues to grow, so will the value of its compatible blockchains. As such, it isn’t hard to imagine this coin making strides towards a brand new all-time high in the coming months and years.
But riding the coattails of Ethereum’s popularity may not be enough to justify the $30 billion market cap that would come with a theoretical $5 coin. To reach these heights, MATIC will need to prove itself against a growing field of competitors in an uncertain future.
Where to Store Polygon Safely
If you’ve decided to purchase MATIC, you’ll want to store your crypto safely in a wallet off of your chosen exchange. You’ll find both software and hardware wallets widely available, depending on your needs.
While software wallets offer mobile connectivity and access to dApps, hardware wallets keep your assets disconnected from the internet and represent the most secure way to hold cryptocurrencies. Whichever you choose, the selections here represent trusted industry standards.
buy now
securely through Ledger Hardware Wallet’s
website
Launched in 2014, Ledger has transformed into a fast-paced, growing company developing infrastructure and security solutions for cryptocurrencies as well as blockchain applications for companies and individuals. Born in Paris, the company has since expanded to more than 130 employees in France and San Francisco.
With 1,500,000 Ledger wallets already sold in 165 countries, the company aims at securing the new disruptive class of crypto assets. Ledger has developed a distinctive operating system called BOLOS, which it integrates to a secure chip for its line of wallets. So far, Ledger takes pride in being the only market player to provide this technology.
Best For
- ERC-20 tokens
- All experience levels
- Easy to set up and use
- Supports more than 1,500 different digital assets
- Tamper proof
- Portable
- Long-lasting battery
- Bluetooth connectivity features
- Can be quite pricey
get started
securely through ZenGo’s
website
ZenGo is the most secure crypto wallet in Web3. Leveraging MPC technology, ZenGo removes the vulnerability of the need for a private key, making it much more secure than traditional crypto wallets. ZenGo’s simple recoverability process makes it easy for anyone to access their crypto from anywhere, at any time. Because of ZenGo, MPC technology usually reserved for multi-billion dollar institutions is now available to average crypto users.
ZenGo was developed by KZen Networks, an Israel-based company that specializes in building products for blockchains with a passionate focus on user interface (UI) and security. Founded by Gary Benattar, Ouriel Ohayon, Omer Shlomovits and Tal Be’ery in 2018, their unique mix of security, engineering and cryptography expertise enabled the ZenGo project to raise $20 million in series A investment.
The aim of the ZenGo team is to make the crypto economy more simple and secure for everyday users, removing technical barriers to entry while maintaining the highest levels of safety. ZenGo strives to support all relevant native crypto protocols, financial services and digital assets.
Best For
- ZenGo’s friendly and intuitive interface makes the wallet a great choice for novice investors. Unlike many other cryptocurrency wallets, ZenGo removes many technicalities and complexities from storing cryptocurrency
- ZenGo eliminates the vulnerability of having a private key. This makes it a phenomenal choice for novice investors who don’t want the burden of keeping their private key safe and secure
- Smooth and simple user interface
- Strong customer service — ZenGo has live 24/7 customer support that can be reached via email, live chat or social media
- Strong security — three security factors (3FA) protect ZenGo users
- No need for private keys — eliminates the risk of single point of failure, key hacking/phishing. At the same time, all actions are on-chain.
- While ZenGo is available in 188 countries, some features are available only in certain locations
- For users that are willing to take the full responsibility of managing and storing their private key, ZenGo’s approach may be unfit
Best hardware wallet: Ledger
Ledger is hands-down the most secure way to store your cryptocurrencies — MATIC included. By storing your private keys on the device itself, ledger maintains a safe distance between your assets and easily-hacked devices like your smartphone.
When security is critical, Ledger’s state-of-the-art cold storage device can’t be beat. And with the Ledger Live app, you can manage your assets safely and with ease.
Best software wallet: ZenGo
With mind-bending simplicity, ZenGo offers the ultimate software wallet for storing all your crypto. Using facial biometrics, ZenGo has done away with the pass-phrases and private keys of yesteryear. The fastest and most secure software wallet on the market, ZenGo offers peace of mind, with no extra fees.
Bonus Section: Shard Labs has created a liquid staking protocol for Polygon. Known as Lido, users can now stake MATIC and receive stMATIC while continuing to earn staking rewards.
How Does Polygon (MATIC) Fit in the Bigger Picture?
Polygon competes with many sidechains and Layer-2s for market share. However, Polygon is one of the older solutions and has a strong community that backs the project.
Overall, Polygon moves closely with Ethereum and the larger crypto market. As such, it is important to stay up to date on crypto prices with Benzinga’s crypto price table.
So, Is Polygon (MATIC) a Good Investment?
Polygon’s path is inextricably linked with Ethereum’s, which may be a good or bad thing depending on your investment strategy.
As smart contract platforms like Cardano (ADA) and Solana (SOL) develop, Ethereum becomes less important to certain traders. Should these projects continue to eat at Ethereum’s market share, it may be necessary to temper our expectations for Polygon. Besides, when Ethereum completes its upgrade to Eth2, the need for layer 2 workarounds may disappear altogether.
But despite an unclear future, Polygon has a usable layer 2 solution to Ethereum’s current congestion and associated fees. This puts Polygon and its token, MATIC, front and center before an emerging investor class.
So, is now a Good Time to buy Polygon (MATIC)?
Polygon has the chance to become a major player in the crypto space. However, its future direction is largely dependent on the project’s ability to bring in users and volume. Without users, the project is useless.
If you think that the demand for MATIC and sidechains will increase, now may be a good time to buy MATIC.
The post Polygon (MATIC) Price Prediction by James Wells appeared first on Benzinga. Visit Benzinga to get more great content like this.
