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Polygon price surges: here’s why MATIC jumped 23% today

Over the past seven days, Polygon (MATIC) has experienced significant gains and it comes as a relief to Polygon traders and investors after a prolonged crypto market meltdown.

At the time of writing, MATIC was trading at $0.5116, up 23.65% over the past 24 hours. It has hit a daily high of $0.5145.

Although MATIC is still down by 82.67% from its all-time high of $2.92 that it had set last year on December 27, its trading volume has gained a whopping 114.45% to sit at $937.9 million in the last 24 hours.

But why is MATIC outpacing other cryptocurrencies in the bearish market? let’s dive into some of the reasons behind the MATIC price surge.

Carbon neutrality achievement

One of the main reasons for the rally is the achievement of Carbon neutrality after its recent partnership with KlimaDAO, an on-chain carbon market to achieve it. During their announcement yesterday, Polygon said that it has received $400,000 worth of carbon credits which is equivalent to 104,794 tons of greenhouse gases.

In an official blog post, the blockchain company said:

“Polygon has made a major first step toward becoming carbon negative with the retirement of $400,000 in carbon credits representing 104,794 tonnes of greenhouse gasses, or the entirety of the network’s CO2 debt since inception.”

Polygon co-founder Sandeep Nailwal also said:

“Reaching carbon neutrality is an important first step, but there is more work ahead. Polygon will lead the way as the whole industry moves toward becoming a net positive for the environment.” 

Whales’ accumulation of MATIC holdings

Another reason for the MATIC price surge is the increase in MATIC accumulation by whales.

According to a tweet posted today by Santiment, Wallets with between 10k and 10 million MATIC coins have purchased more MATIC coins, this has been happening since early May this year.

The post Polygon price surges: here’s why MATIC jumped 23% today appeared first on CoinJournal.

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Avalanche adds support for native Bitcoin via bridge feature

Avalanche says BTC bridging is currently only available via its Core Browser Extension.

Avalanche has added support for native Bitcoin (BTC) on the platform, which will happen via the Avalanche Bridge, according to a press release published on Wednesday.

The solution allows users to utilize their Bitcoin in the DeFi sector by directly transferring BTC to Avalanche, with users able to tap into earning and yield opportunities. 

Customers will still be able to hold Bitcoin on their portfolio, the team at the Layer 1 blockchain said in the announcement.

Over $500 billion in value to Avalanche DeFi

Avalanche, which is compatible with the Ethereum Virtual Machine (EVM), launched the Bridge functionality in August 2021. Over $50 billion in value transfers have happened in the blockchain’s DeFi ecosystem through the bridge since.

This will likely go up massively if the feature sees significant uptake across the Bitcoin community. According to Avalanche, the BTC support targets unlocking over $500 billion of value currently on the Bitcoin network and bringing it to the Avalanche DeFi ecosystem.

Ava Labs releases Core browser extension

Avalanche’s release of the BTC Bridge came at the same time that Ava Labs announced the launch of its Core Browser Extension. The non-custodial extension, available for free to users, is designed to help customers explore Web3 opportunities on Avalanche.

Users seeking to use their BTC in the DeFi ecosystem via the new bridge will need to download the Core Browser Extension. Avalanche does not support BTC bridging via Metamask or other wallets, the team said.

There are plans to also add support for Ethereum (ERC-20) tokens through the browser extension.

The post Avalanche adds support for native Bitcoin via bridge feature appeared first on CoinJournal.

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Ankr Price Prediction After the App Chains Launch

The Ankr price tilted upwards slightly after the developers launched App Chains, a platform for Web3 development. The coin’s price is trading at $0.03, which is slightly above this week’s low of $0.022. Its market cap is more than $243 million.

App Chains launch

Ankr is a leading blockchain infrastructure project that makes it easy for Web3 developers to build applications. 

The network provides products known as Remote Procedure Call (RPC), which is a useful tool among developers. It simply helps them to communicate with the back-end when building.

In the past few months, the number of developers using Ankr’s RPCs has been in a strong upward trend. Some of the most popular developers that are currently using Ankr are Airbitrum, Optimism, Avalanche, Binance and Celo among others.

In a statement this week, Ankr said that it was launching App Chains, a dedicated blockchain that houses one specific dApp. It can be thought of as a single-tenant bare-metal server without the noisy servers. This characteristic will make the platform significantly scalable.

In addition to scalability, App Chains is a highly flexible process. For one, they will not be restricted to using specific programming languages and constraints of a specific virtual machine like EVM. As a result, it will help to reduce the technical barriers to joining Web3.

Ankr has had a relatively busy month. Earlier this month, the developers announced that they were changing the revenue model to pay-as-you-go for its RPC services. They also launched in Opimism, the fast-growing blockchain project. In a statement, Optimism’s CEO said: 

“Adding Ankr as an infrastructure provider helped fulfill the desires of our community members who want to build with robust and reliable services.”

Still, Ankr price has not done well in line with the performance of other cryptocurrencies like Cardano, BNB, and VeChain. This price action is mostly because of the changing market and monetary conditions. Further, the recent corporate actions in Three Arrows, Celsius, and Bancor have pushed many people away from crypto.

Ankr price prediction

The daily chart shows that the Ankr price has been in a bearish trend for months. It remains below the important resistance level at $0.0500, which was the lowest point in February. The coin remains below the 25-day and 50-day moving averages while the Relative Strength Index (RSI) has moved above the oversold level.

Therefore, the path of the least resistance for Ankr token is still lower. If this happens, the next key support level to watch will be at $0.023, which was the YTD low.

The post Ankr Price Prediction After the App Chains Launch appeared first on CoinJournal.