Bitcoin Crisis: Crypto Crashes Due to Bear Market Fears – Google-Supported Polygon Up 10,000% | City & Business | Finances
Bitcoin was down 38% in May, from $ 57,858 to its current price of $ 35,868. Other large coins, including Ethereum and Cardano, also fell sharply when the chaos was sparked by a Chinese crackdown and Elon Musk. However, one coin has bucked the trend and is up nearly 10,000% since January. Polygon, formerly known as Matic, was worth $ 0.01 on Jan 1st, now it’s worth almost $ 2.
Polygon (MATIC) is up 100 percent in the past seven days, outperforming every major cryptocurrency – which is attracting growing attention.
Billionaire entrepreneur Mark Cuban sent Polygon a secret investment this week, putting more of a spotlight on emerging crypto.
The cryptocurrency has been integrated with Google BigQuery so that developers can more easily analyze data on their blockchain.
Polygon’s price has increased more than 9,535 percent since January 2021.
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Sandeep Nailwal, co-founder of Polygon, told CoinDesk this week, “We have spoken to a lot of investors, but the discussion with Mark Cuban was really mind-boggling.”
This week, the Polygon team tweeted, “Mark Cuban is one of the most prolific and insightful investors with investments in top startups, and he’s also one of the Sharks on ABC Shark Tank.
“We are proud to announce that Polygon is now part of Mark’s Cuban company portfolio!”
The team behind Polygon said, “We implemented and offered Matic Plasma Chains, a production-ready Ethereum Layer2, predicate-based plasma implementation.
“We implemented and offered Matic PoS Chain, a permissionless, EVM-compatible, PoS-secured Ethereum sidechain, which is based on strong Ethereum security for the staking and checkpoints of validators.
“We’ve built in over 80 fantastic apps including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi, and more are added every day.”