MATIC Retreats From 12-Week High on Monday – Market Updates Bitcoin News

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On Monday, the cryptocurrency market was hit with a wave of red, as MATIC, the native token of the Polygon network, plunged from its 12-week high.

MATIC, which is an Ethereum-based token, had been on a tear in recent weeks, gaining more than 1,000% since the start of the year. The token had surged to an all-time high of $1.80 on Sunday, before retreating on Monday.

At the time of writing, MATIC is trading at $1.48, down more than 17% from its peak. The sell-off in MATIC appears to be part of a broader market correction, as other major cryptocurrencies, including Bitcoin and Ethereum, also witnessed sharp declines.

The sell-off in MATIC comes as the Polygon network has been gaining traction among developers. Polygon is a Layer 2 scaling solution for Ethereum, allowing developers to build and deploy decentralized applications (dApps) more quickly.

The network has seen an influx of users in recent months, as developers flock to the platform to take advantage of its scalability and low transaction costs. The surge in users has helped to drive up the price of MATIC, which is used to pay transaction fees on the network.

However, it appears that the recent rally in MATIC may have been a bit too much, too fast, as investors took profits on Monday. It remains to be seen if the token will continue to retreat in the coming days, or if the recent sell-off is just a temporary blip.

In any case, the recent surge in MATIC is a testament to the growing popularity of the Polygon network, and the increasing demand for Ethereum-based dApps. As more developers flock to the network, the price of MATIC could continue to rise in the long-term.

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