Coinbase announced today that it would list MATIC on its advanced trading platform, Coinbase Pro – the result is a quick upward surge which has resulted in a 35% gain.
MATIC Skyrockets After Coinbase Announce Listing
Ethereum scaling and infrastructure development platform, Matic Network (now Polygon) has rallied by 35%. The surge was fueled by the forthcoming Coinbase pro listing. San Francisco-based cryptocurrency exchange, Coinbase announced yesterday that MATIC would be available for trading on its advanced trading platform, Coinbase Pro, from the 11th of March if liquidity conditions are met. MATIC will be available for trading in four different pairs (BTC, USD, EUR, and GBP).
⏳Trading begins: 11 March, 9 AM PT https://t.co/963YbVtSif
— Polygon (previously Matic) (@0xPolygon) March 9, 2021
MATIC token is now priced above $0.31, while its market capitalization subsequently reached $1.575 billion.
Matic Network recently rebranded to Polygon. It stated that its decision to rebrand “will coincide with a strategic shift that will see Polygon focus on creating a multichain system akin to Polkadot on Ethereum.”
Rebranding is common among veteran projects in the crypto space, and it is worked really well as a marketing strategy for some blockchain-related companies.
Polygon aims to proffer a solution to the rising gas fees, which has recently posed a serious problem to the Ethereum blockchain. It will introduce layer 2 sidechains to enhance speed and reduce the cost of transactions.
Overall Bullish Momentum
The entire cryptocurrency market has witnessed strong bullish momentum in the last 24 hours. Global cryptocurrency market capitalization is up by over 6.5% in the past couple of days, hitting the $1.76 trillion mark.
The leading cryptocurrency, Bitcoin, continues to push towards the ATH, tapping the $56K mark. BNB, DOT, and ADA flipped the stablecoin USDT as they continue to tussle for leading positions.