- Polygon (MATIC) experiences a double-digit percentage rally.
- The rally follows the SEC’s recent approval of spot Bitcoin ETFs in the U.S.
- Analysts have previously predicted that MATIC will nearly double in price in 2024.
Despite starting 2024 on a high around the $1 price point, the Polygon (MATIC) price has struggled in the past week, languishing around the $0.8 price point. Following the recent landmark approval of spot Bitcoin ETFs, however, MATIC’s fortunes have changed overnight amid a market-wide rally, again looking set to reclaim the $1 price point.
Polygon (MATIC) Soars 17%
Over the past 24 hours, MATIC has soared over 17% to trade around the $0.95 price point for the first time since January 2.
The asset’s price rally comes as the broader crypto market has received fresh tailwinds from the SEC’s landmark approval of spot Bitcoin ETFs in the U.S. on Wednesday, January 10. The recent broad market rally has sparked increased mentions of “altseason,” a term describing a period in the crypto markets where crypto assets, excluding Bitcoin, experience an extended period of price gains.
With the SEC’s approval of a spot in Bitcoin ETF, many anticipate a rise in the underlying asset’s value, which would also trickle down to altcoins as they tend to move in lockstep with the market leader.
Can Polygon (MATIC) Continue its Run?
With MATIC’s price action likely linked with excitement over the SEC’s approval of spot Bitcoin ETFs, the asset’s short-term price outlook will likely be determined by whether approved ETFs record significant interest on the first day of trading.
Nonetheless, analysts have sounded bullish on MATIC’s price prospects long before the recent approval of spot Bitcoin ETFs. At the beginning of 2024, Ali Martinez tipped the asset to surge to $1.8.
On the Flipside
- MATIC’s short-term outlook is likely highly dependent on excitement surrounding spot Bitcoin ETF approvals.
- Altcoin-led crypto rallies are typically unsustainable.
Why This Matters
MATIC’s recent price action highlights the influence of Bitcoin on crypto market behavior as well as the excitement surrounding the SEC’s landmark decision to approve spot Bitcoin ETFs.
Read this for more on MATIC’s price action:
Analysts Eye Polygon (MATIC) Price Explosion Post-2023 Lag
Learn about the crypto market’s immediate reaction to spot Bitcoin ETF approvals:
Bitcoin ETF Approval Fails to Spark Anticipated Market Rally
