- The SEC’s crackdown on Binance and Coinbase put a dark cloud over the altcoin market.
- Led by Polygon (MATIC), altcoins now appear to be chasing away the red.
- Polygon’s success comes on the back of a string of positive news for the network.
In June 2023, the United States Securities and Exchange Commission labeled several popular altcoins, including Polygon (MATIC), Cardano (ADA), and Solana (SOL) as unregistered securities in lawsuits against Binance and Coinbase.
The securities label led to a market rout for the altcoin market. Combined with delistings from eToro and Robinhood, ADA and SOL lost 27% and 30%, respectively, in just over a week.
Comparatively, MATIC suffered the most substantial decline, losing 40% of its value within the same period. Nevertheless, the altcoin sector has refused to buckle, defying expectations; these assets appear to be staging a remarkable comeback led by Polygon’s MATIC.
Polygon (MATIC) Experiences Over 9% Rally, Leading Market Gains
MATIC is trading at $0.7391 at the time of writing, representing a 9.44% gain in the past 24 hours. The huge swing makes Polygon’s native token the highest gainer among the top 20 crypto assets by market capitalization, according to data from CoinMarketCap.
With the recent rally, the asset is notably up 22.6% in the last 30 days, more than halfway to reclaiming price levels before the SEC’s securities label.
The rally follows a string of positive developments around the network, as highlighted by Santiment Feed.
Polygon Network Enjoys Growth
In a tweet on Monday, July 10, Santiment Feed highlighted that the altcoin had been showing strong on-chain signals behind this rally, citing greater utility and network growth.
The recent show of strength follows a reorganization at Polygon Labs, creating a chief executive officer role filled by former Chief Legal Officer Marc Boiron.
The network is notably gearing up for the launch of Polygon 2.0, which promises to connect the Polygon ecosystem, unifying liquidity and offering unlimited scalability. Polygon Labs unveiled the architecture for the upgrade at the end of June.
On the Flipside
- MATIC is still trading approximately 17% below its June highs.
- It is currently unclear whether this rally can be sustained.
Why This Matters
The altcoin rally led by MATIC underscores the resilience of the crypto markets despite growing regulatory concerns in the United States.
Read this to learn about Polygon’s struggle to recover from the SEC’s crypto crackdown:
Learn more about how the SEC case against Binance is affecting Binance.US’ Business: