Compared to many other cryptocurrencies on the market, Polygon (MATIC) is unique. The Ethereum blockchain is where Matic tokens are traded, as opposed to its own blockchain. This is due to the fact that Polygon was created to aid in scaling Ethereum using side chains. The Polygon network’s token is Polygon, also known as “Matic,” and it trades on the NASDAQ under the symbol “MATIC.”
What Is Polygon MATIC?
We describe Polygon as “an express train” riding along the same track as other sidechains on the Ethereum track but going faster and with fewer stops. In fact, Polygon’s website describes the network as “Ethereum in the fast lane.”
Polygon uses a proof-of-stake architecture to process transactions, making it faster and more efficient than some other blockchain networks. Some investors peg its reliance on Ethereum as a benefit, while others see it as a drawback.
Matic enables you to stake on the Ethereum blockchain and use the cryptocurrency to complete transactions. Due to the low transaction costs now associated with the Ethereum blockchain, more people are adopting it. It encourages the development of decentralized applications and smart contracts while utilizing Ethereum’s superior security standards.
Polygon is also more environmentally friendly than many other cryptocurrencies, with a goal of going carbon-negative in 2022 and “climate positive” in the future. This alone could help drive Polygon’s adoption and attract favor from investors.
Users can deposit Matic from the Ethereum network, interact with tokens and then withdraw coins back to the Ethereum blockchain.
In October 2022, Polygon has a market cap of $7.36 billion, with 8.73 billion Matic coins circulating, according to CoinMarketCap.
All this bodes well for the future of Matic. But you may still have questions. Can Matic reach $10? What will Matic be worth in five years?
Polygon Matic Price Prediction for 2022
CoinMarketCap says Matic is worth roughly $0.84 on Oct. 20. That’s down 3.07% from the previous day. It is tracking decreases for both bitcoin and Ethereum on the same day.
However, it’s closer to its one-year low of roughly $0.32 than its one-year high of $2.92, according to CoinMarketCap figures. That means it could be a good value to purchase right now. But what are the Matic price predictions for the rest of the year?
The Changelly blog said that according to an analysis of Polygon prices expected in 2022, the price could go as low as $0.89 or as high as $0.97 The average prediction is about $0.92.
WalletInvestor predicts Matic’s price could drop to $0.001083 but could rise up to $0.948 by the end of 2022.
DigitalCoinPrice sees a bit of a jump. The site predicts that Matic will reach a maximum of $1.05 by the end of the year.
Gov Capital is more optimistic, thinking Matic could reach about $2.13 per coin in 2022.
What Will Matic Be Worth in Five Years?
Looking ahead five years, to 2027, DigitalCoinPrice pegs Matic’s price at $2.50 on the low end and $2.85 as a maximum price.
It’s important to remember that the crypto market leaves plenty of room for correction, with coins dipping substantially before reaching another bull cycle. Matic has lots of room to rise. It has already come a long way from its start when it hit the market at just $0.004 per coin.
Of course, cryptocurrency is highly volatile and investors should always proceed with caution. Never invest more than you care to lose in speculative investments like cryptocurrency.
Fundamentals Driving Polygon Upward
The capability to trade non-fungible tokens, or NFTs, on the platform is working in Polygon’s favor. Matic got the support of big brands like Adidas and Prada in an NFT charity project called Adidas for Prada Re-Source.
The project, announced in January, asked fans to submit their own art, which digital artists combined into a mega NFT made up of 3,000 images. Proceeds from the sale of the NFT were donated to charity.
Play-to-earn games, Polygon’s highly efficient proof-of-stake process and the overall growth of the ecosystem could also help drive the price of Matic coins up, according to FX Empire. Some investors see Matic as a long game with lots of future potentials.
Can Matic Reach $10?
Just how optimistic are investors and analysts? Can Matic reach $10? How rich could you get investing in Matic?
Although most experts have more conservative predictions, Trading Education predicts that Matic could rise above the $10 mark to reach $15.13 by the end of 2025.
Changelly, however, is more conservative, predicting that the coin will only average $10.32 in 2028.
In either, admittedly speculative, case, if you were to buy Matic today at its price of roughly 84 cents and invested $1,000, you’d have 1,190 coins. At the $10.32 price Changelly predicts, your investment would be worth $11,248.80 by 2028. If you believe Trading Education’s Matic price prediction, you could be sitting on an inflation-busting $16,493.88 just over three years from now.
Are you ready to take that risk and invest a bit in Matic now? Very few analyst scenarios have Matic falling to zero within the next six months, or even 10 years. But investing in cryptocurrency always involves a high degree of risk.
Matic may be one of the best cryptocurrencies to buy and hold right now due to its low price and optimistic prospects that relate to the platform’s fundamentals and partnerships, not to mention its eye on sustainability. GOBankingRates has included Polygon Matic on its list of 10 cheap cryptocurrencies to buy.
You can buy Matic on many cryptocurrency exchanges, including Binance — Binance.US in the U.S. — Coinbase Pro, UniSwap etc.