Why Polygon Is Outperforming Bitcoin, Ethereum And Dogecoin Today

While most altcoins struggle in light of the bearish cryptocurrency market, Polygon (CRYPTO: MATIC) has been outperforming the apex Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH) and even Elon Musk's favorite Dogecoin (CRYPTO: DOGE). What Happened: MATIC is up by 9.50% in the last 24 hours, trading at $0.97 at the time of writing, according to data from Benzinga Pro.

Timeline of Bitcoin, Dogecoin, Ethereum, Polygon

The recent FOMC meeting appears to have induced significant bullish momentum within the crypto space as the asset has been fairly maintaining a notable uptrend. While the bears attempted to drag the price below $0.1, the bulls appeared to be poised to keep up the bullish momentum.

One of the biggest universal banks in the Philippines, The Union Bank of the Philippines, or simply UnionBank, said on Nov. 2 that it has begun a pilot program for Bitcoin custody and trading services for a small group of retail clients. UnionBank went online on Harmonize, a digital asset platform developed by Metaco, a The post Just In: Phillipines' Largest Consumer Bank Launches Bitcoin Trading appeared first on CoinGape.

All of the top 10 cryptocurrencies by market capitalization, excluding stablecoins, including bitcoin and ether, experienced declines in Thursday morning trade as a result of the U.S. On Wednesday, the Federal Reserve announced its fourth straight rate increase of 75 basis points.

Over the last week, memecoin Dogecoin (DOGE) stormed the crypto market with solid gains of over 100%. The Dogecoin price rally came against the backdrop of Elon Musk's Twitter acquisition.

Amid the Bitcoin price crash and rising energy costs this year, Bitcoin miners are having a very tough time. Last week, public-listed Bitcoin miner Core Scientific (NASDAQ: CORZ) announced chances of potential bankruptcy very soon.

Meta Platforms Inc (NASDAQ: META)-owned Instagram will soon allow users to create, sell and showcase Polygon (CRYPTO: MATIC) based nonfungible tokens (NFTs), giving them new ways to monetize their communities using digital collectibles. What Happened: Instagram on Wednesday announced plans to integrate a full end-to-end toolkit that can be used for the whole process — from the creation of NFTs to showcasing and selling NFTs, starting on the Polygon blockchain.

Pick n Pay, the South African retailer, has revealed that some of its grocery stores are now accepting bitcoin payments. To ensure payments are affordable, Pick n Pay reportedly uses the Bitcoin Lightning Network which is said to be suitable for “high volume, low-value transactions.

Major coins traded in negative territory on Wednesday evening as the global cryptocurrency market cap declined 1.8% to $999.6 billion at 9:31 p.m. EDT. Price Performance Of Major Coins Coin 24-hour 7-day Price Bitcoin (CRYPTO: BTC) -1.5% -2.7% $20,225.41 Ethereum (CRYPTO: ETH) -3.4% -2% $1,534.63 Dogecoin (CRYPTO: DOGE) -8.1% 80.5% $0.13 Top 24-Hour Gainers (Data via CoinMarketCap) Cryptocurrency 24-Hour % Change (+/-) Price Arweave (AR) 37.4% $14.09 Litecoin (LTC) 15.3% $63.65 Mina (MINA) 15.3% ​​$0.78

This week has been excellent for the entire crypto market as the most dominant cryptocurrencies registered a significant gain in the price chart. The crypto market made over 9% in return, pushing its market capitalization to the level of $1 trillion again.

BTC's price slowed down after showing so much strength as it rallied to a high of $21,000 but got rejected as the price rallied downward.   BTC could suffer retracement as the price breaks below the crucial support area, holding the price off from sellers with hopes of a rebound.