Even As Biggies Like Bitcoin, Ethereum Struggle, Polygon Is Clocking Strong Gains

Even As Biggies Like Bitcoin, Ethereum Struggle, Polygon Is Clocking Strong Gains

Cryptocurrencies have been seeing lackluster sentiment ever since they hit highs in early November. After bottoming last Friday amid the omicron variant scare, a recovery has been in the works in the cryptoverse.

What Happened: Even as Bitcoin BTC/USD and other major altcoins are finding it tough to remain afloat, Polygon MATIC/USD is seeing strong gains on Wednesday. At one point in the day, MATIC rallied a little over 17% to $2.0927 before giving up some of the gains.

On a seven-day trailing basis, the crypto has gained over 19%. Polygon, with a market cap of $14 billion, is currently ranked 17th in terms of valuation, according to CoinMarketCap.

Related Link: How to Buy Polygon (MATIC)

The gain is attributable to crypto exchange-traded product issuer 21Shares listing Europe's first product linked to the performance of polygon on the Euronext exchanges in Paris and Amsterdam.

Polygon-linked ETP is also already listed on the SIX Swiss Exchange.

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It helps overcome the drawbacks associated with Blockchains such as high gas fees and slow speeds, without sacrificing on security.

Solana, Terra, Crypto.com Also Make Waves: Among the other biggest gainers were Solana SOL/USD, Terra LUNA/USD, Crypto.com CRO/USD and Algorand ALGO/USD.

Bitcoin, which touched a near-term low of $53,576.73 on Nov. 28, has recovered since, and it has seen a peak-trough decline of over 22% from the all-time high of $68,789.63 reached on Nov. 10. Despite coming off the trough, the most valued crypto has not made much headway and is seen trading in a rangebound manner.

Ethereum ETH/USD, the second-most valued crypto, is also on slippery grounds.

At last check, Polygon was seen up 10.14% at $2.0129.

Related Link: What Does Bitcoin's Historical December Performance Tell About Its Potential Year-end Price?

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