As the world continues to shift away from its carbon-heavy ways of yesteryear, industries across the board are seeing how they can up efficiency. In blockchain, innovators are coming up with new ways to scale efficiency in transactions to lower computing power. Polygon (CCC:MATIC-USD), a layer-2 scalability network, is doing just that. As a result of its impressive product, it is continuing a climb to new all-time highs, and spurring some bullish Polygon (MATIC) price predictions.
Polygon exists as a way for users to escape the high gas fees that have taken over Ethereum (CCC:ETH-USD) transactions. With Polygon, users can take transactions to side-chains, effectively avoiding the fees while also needing much smaller computing energy. The result is a clean, cheap alternative chain which still bears the Ethereum functionality.
The green coin has been seeing its upswing thanks to Elon Musk’s anti-Bitcoin (CCC:BTC-USD) sentiment over the last week. Tweeting out a series of posts slamming Bitcoin’s energy consumption, Musk turned his back on BTC as a payment method for Tesla (NASDAQ:TSLA). The resulting arms race to be the next Tesla payment method led to an upswing in interest in green coins. Polygon and Cardano (CCC:ADA-USD) were big winners, with both surging to all-time highs shortly after the tweets.
Polygon (MATIC) Price Predictions Continue as MATIC Surges
Polygon is continuing its huge gains well into this week, with trading volume trending upward each passing day. The coin reached a $2.19 all-time high today, before settling down to just above $2.
Polygon is a bullish play right now for investors looking to capitalize on the green coin boom. Here’s what analysts are saying about MATIC prices:
- Coinpedia is suggesting that MATIC could hit the $5 milestone before 2021 is through.
- DigitalCoinPrice predicts that Polygon will grow much slower than that, reaching just under $3 by the end of the year.
- Gov Capital is forecasting a value of $4.20 in a 12-month period.
- Meanwhile, WalletInvestor is very bullish on MATIC, envisioning a $5.13 price for Polygon in a year.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.