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Polygon (MATIC) is different from many other cryptocurrencies on the market. Rather than running on its own blockchain, matic tokens are traded on the Ethereum blockchain. That’s because Polygon was developed to help scale Ethereum through side chains. Polygon, sometimes identified as “matic” and using the ticker “MATIC,” is the token of the Polygon network.
What Is Polygon MATIC?
GOBankingRates describes Polygon as “an express train” riding along the same track as other sidechains on the Ethereum track but going faster and with fewer stops. In fact, Polygon’s website describes the network as “Ethereum in the fast lane.”
Polygon uses a proof-of-stake architecture to process transactions, making it faster and more efficient than some other blockchain networks. Some investors peg its reliance on Ethereum as a benefit, while others see it as a drawback.
Matic allows you to stake on the Ethereum blockchain and also pay for transactions using the currency. This has helped reduce the high transaction costs inherent on the Ethereum blockchain, helping promote widespread adoption. It supports the creation of decentralized apps and smart contracts while leveraging the benefits of Ethereum’s excellent security protocols.
Polygon is also more environmentally friendly than many other cryptocurrencies, with a goal of going carbon-negative in 2022 and “climate positive” in the future. This alone could help drive Polygon’s adoption and attract favor from investors.
Users can deposit matic from the Ethereum network, interact with tokens and then withdraw coins back to the Ethereum blockchain.
In July 2022, Polygon has a market cap of $4.49 billion, with 8.1 billion matic coins circulating, according to CoinMarketCap.
All this bodes well for the future of matic. But you may still have questions. Can matic reach $10? What will matic be worth in five years?
Polygon Matic Price Prediction for 2022
First, let’s explore the outlook for matic coins in the short term. CoinMarketCap says matic is worth roughly $0.56 on July 13. That’s down 1.49% from the previous day. It is tracking decreases for both bitcoin and ethereum on the same day.
It’s much closer to its one-year low of roughly $0.35 than its one-year high of about $2.88, according to CoinMarketCap figures. That means it could be a good value to purchase right now. But what are the matic price predictions for the rest of the year?
The Changelly blog said that if buyers can push matic above its past record of $2.92 to reach a new all-time high, it could reach $4.75 by the end of the year. But that’s a big “if.” Changelly also predicted a minimum $3.07 price for July — 777% above its current price.
WalletInvestor predicts matic’s price will drop to between $0.0543 and $0.0814 by the end of 2022.
DigitalCoinPrice sees a bit of a jump. The site predicts that matic will reach a maximum of $0.78 by the end of the year.
Gov Capital is more optimistic, thinking Matic could reach $2.42 per coin before dropping off $0.419 by mid-2023.
What Will Matic Be Worth in Five Years?
Looking ahead five years, to 2027, DigitalCoinPrice pegs Matic’s price at $1.04 on the low end and $1.78 as a maximum price.
It’s important to remember that the crypto market leaves plenty of room for correction, with coins dipping substantially before reaching another bull cycle. Matic has lots of room to rise. It has already come a long way from its start, when it hit the market at just $0.004 per coin.
Of course, cryptocurrency is highly volatile and investors should always proceed with caution. Never invest more than you care to lose in speculative investments like cryptocurrency.
Fundamentals Driving Polygon Upward
The capability to trade non-fungible tokens, or NFTs, on the platform is working in Polygon’s favor. Matic has the support of big brands like Adidas and Prada in an NFT charity project called Adidas for Prada Re-Source.
The project, announced in January, is asking fans to submit their own art, which digital artists will combine into a mega NFT made up of 3,000 images. Proceeds from the sale of the NFT will be donated to charity.
Play-to-earn games, Polygon’s highly efficient proof-of-stake process and the overall growth of the ecosystem could also help drive the price of matic coins up, according to FX Empire. Some investors see matic as a long game with lots of future potential.
Can Matic Reach $10?
Just how optimistic are investors and analysts? Can matic reach $10? How rich could you get investing in matic?
Although most experts have more conservative predictions, Trading Education predicts that matic could rise slightly above the $10 mark by 2025. The global financial education site said that matic could reach $10.11 by the end of 2025 and go as high as $50.45 by the end of 2030.
DigitalCoinPrice, however, is more conservative, predicting that the coin will only reach a high of $2.56, at best, by 2030.
In either, admittedly speculative, case, if you were to buy matic today at its price of roughly 56 cents, and invested $1,000, you’d have 1,785 coins. By 2030, you could have a minimum of $4,569. If you believe Trading Education’s matic price prediction, you’d be sitting on an inflation-busting $18,046.
Conclusion
Are you ready to take that risk and invest a bit in matic now? Very few analyst scenarios have Matic falling to zero within the next six months, or even 10 years. But investing in cryptocurrency always involves a high degree of risk.
Matic may be one of the best cryptocurrencies to buy and hold right now due to its low price and optimistic prospects that relate to the platform’s fundamentals and partnerships, not to mention its eye on sustainability. GoBankingRates.com puts Polygon matic at No. 6 on its list of 10 cheap cryptocurrencies to buy.
You can buy matic on many cryptocurrency exchanges, including Binance — Binance.us in the U.S. — Coinbase Pro and UniSwap.
Daria Uhlig contributed to the reporting for this article.
Information is accurate as of July 13, 2022.
This article originally appeared on
GOBankingRates.com:
Polygon (MATIC) Price Prediction 2022
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.
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