Polygon (MATIC) Surpasses Bitcoin and Ethereum in Active Addresses, Signaling Major Growth

  • Polygon (MATIC) has recently reached a significant milestone compared to Bitcoin (BTC) and Ethereum (ETH).
  • This milestone was highlighted by Polygon cofounder Mihailo Bjelic, who shared that the total active addresses on the Polygon network surpass those of Bitcoin and Ethereum combined.
  • In the last 24 hours, Polygon has seen 1.18 million active users, while Bitcoin and Ethereum have reported 594,000 and 365,000 active users respectively.

Discover how Polygon (MATIC) is outpacing major cryptocurrencies like Bitcoin and Ethereum with its surge in active addresses and what this means for its future.

Polygon Surpasses Bitcoin and Ethereum in Active Addresses

The cryptocurrency market witnessed a remarkable development as Polygon (MATIC) registered more active addresses than Bitcoin (BTC) and Ethereum (ETH) combined. According to a recent post by Polygon cofounder Mihailo Bjelic, the layer-2 network attracted a substantial 1.18 million active users within a 24-hour period. This figure stands in stark contrast to Bitcoin’s 594,000 active users and Ethereum’s 365,000 during the same time frame. The growth in active addresses underscores Polygon’s increasing recognition and utilization within the cryptocurrency ecosystem.

Driving Factors Behind Polygon’s User Growth

Polygon’s user growth can be attributed to several factors including its scalable infrastructure and ongoing efforts to enhance network efficiency. Despite the recent downturn in market prices, the robust performance in active user engagement signifies the network’s resilience and appeal. With a seamless operation amid high on-chain transaction volumes, Polygon demonstrates that its team’s strategy for scaling the protocol is yielding positive results. Such developments are vital for Polygon, particularly at a time when a significant percentage of its addresses are experiencing losses.

Polygon’s Path to Revival

From the data provided by IntoTheBlock, approximately 90.62% of all Polygon addresses are currently in losses, translating to 627,350 addresses underwater. Despite this, there’s an observable shift in sentiment as MATIC’s price rebounds. The positive network fundamentals are beginning to act as catalysts, potentially reversing the prevailing bearish trend. Over the past 24 hours, MATIC has shown a price increase of 4.63%, trading at $0.5046, which offers a glimmer of hope amidst the recent seven-day 9% decline. This positive price movement suggests that the upcoming week could hold more promising developments for Polygon.

Conclusion

In summary, Polygon (MATIC) has achieved a notable milestone by surpassing Bitcoin and Ethereum in active addresses, reflecting its growing importance and adoption in the crypto space. The surge in user engagement, combined with the network’s stability, indicates that Polygon is on a path to recovery despite the current market challenges. Investors and stakeholders will be keenly observing how the network’s fundamentals continue to evolve, potentially setting the stage for a bullish trend in the near future.

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Lucien Renard
Lucien Renardhttps://en.coinotag.com/
Lucien Renard is a 24-year-old writer specializing in cryptocurrency analysis and price action. With a focus on technical analysis, Lucien provides valuable insights into market trends and potential opportunities for investors.
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