This Crypto Asset Is Racing Toward Top 10 After 11,200% Surge in Five Months

By Daily Hodl Staff • May 27, 2021 // ALTCOINS

A once overlooked altcoin is making headlines in 2021 after skyrocketing towards the top 10.

At the beginning of 2021, Ethereum-based asset Polygon (MATIC) was ranked 113th with a price of $0.019 and a market cap of $96.12 million.

Since then, Polygon has shot up more than 11,200% to a high of $2.45 and a market cap of $15.08 billion, now ranking 13th, according to CoinMarketCap.

In the past month, the crypto asset grew more than fivefold, putting in a new all-time high of $2.45 last week.

Billionaire investor Mark Cuban is fueling the spike and says he’s now invested in the project. Cuban’s website added Polygon on Tuesday, confirming his investment.

“Mark Cuban is one of the most prolific and insightful investors with investments in top startups and he is also one of the Sharks on ABC’s Shark Tank. We’re proud to share that Polygon is now part of the Mark Cuban company portfolio.”

After revealing his investment, the asset surged more than 30%, reclaiming its price above $2.

Polygon (previously Matic Network) is a multi-scaling solution built for the Ethereum network that allows for interoperability between blockchains. It’s designed to power faster and cheaper transactions using layer-2 technology.

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Featured Image: Shutterstock/Roman3dArt

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The original article written by Daily Hodl Staff and posted on DailyHodl.com.

Article reposted on Markethive by Jeffrey Sloe