Volume rose by 56% up to $2,599,361,086 over the last 24 hours.
After Bitcoin fell below $30,000 in yesterday’s trading session, there was fear amongst some that this would spell further decline for the market.
However, Bitcoin managed to rebound at around $28k, pushing itself back into the $30k to $40k channel that has been established over the last month.
Many projects, such as Polygon, followed suit and saw rallies in the last 24 hours as traders hope that the rebound pushes the market into even greater gains.
Polygon, according to Coinmarketcap, is “the first well-structured, easy-to-use platform for Ethereum scaling and infrastructure development. Its core component is Polygon SDK, a modular, flexible framework that supports building multiple types of applications.”
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Why has Polygon seen a price hike?
As Polygon’s trading volume has increased, more traders have entered the market and looked to buy Polygon.
Polygon’s all-time high was reached about a month ago when it managed to hit $2.62. This made the project an outlier at the time and out of step with the market, which was suffering from price declines largely across the board.
Much of the hype surrounding Polygon was its potential use as a replacement for Ethereum in order to get around scaling issues. Specially as a way to reduce gas fees and contribute to the more effective running of the Ethereum network.
Etherueum also saw some price recovery in the last 24 hours or so, breaking and settling around the $2,000 price level.
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