Polygon (MATIC) Set To Reach New Record, Bullish Ahead Of zkEVM?
Polygon (MATICI) zkEVM news: MATIC is poised to set a new record with the launch of the Polygon ZkEVM rollup. The cryptocurrency is the largest individual gainer among major coins, since the beginning in 2023. The rollup could be a game-changer for the token, as the zkEVM increase would significantly lower costs and improve security. The traders were clearly bullish when the rollup date was announced.
Also read: Why the Upcoming Polygon (MATIC-I) Upgrade Is Not Coming At A Better Time
What is the MATIC zkEVM rollup?
zkEVM stands for zero knowledge Etherem Virtual Machine (zkEVM). The rollup will bring in off-chain computing capacity with zero knowledge proof concept, and validate the data on EVM. This will reduce storage and computational costs, which are otherwise on-chain. The zero knowledge method allows transactions to be approved without having to reveal details. The compatibility of zkEVM means that the existing Polygon network can perform smart contracts and developer activities using the new protocol.
MATIC/BTC to All Time Highs
Due to the dramatic rise in MATIC prices in recent years, its pairing level with Bitcoin has risen to an all-time high. BTC’s price has increased significantly since January 2023, but MATIC’s price has more than doubled during that time. The MATIC/BTC pair is close to reaching its peak of $0.000064, which was maintained in November 2022 prior to the FTX collapse. Polygon’s price is at $1.52 as of writing, an increase of 3.518% over the last 24 hours.
I don’t think people are prepared for what’s about to happen to $MATIC once it’s $BTC pairing breaks out into new all time highs pic.twitter.com/LyhcTvE0jn
— Johnny (@CryptoGodJohn), February 17, 2023
Some traders believe that the No 8 ranked cryptocurrency could have huge upside if the MATIC/BTC pair breaches the all-time high.
Also read: Will Bitcoin’s Price Rise Above the Key 200-WMA Levels? Or it’s a “Bull Trap”.
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