On a less noteworthy morning for the crypto asset class in general, Polygon (CCC:MATIC-USD) shines brighter than the rest. Most major crypto plays are paring losses this morning, or putting up paltry gains of two or three percent. Polygon’s MATIC coin, though, is up 19% as investors are pouring their morning coffee. The gains are just one snippet of a huge year for the MATIC crypto, which has investors wondering how much they stood to gain with an early investment.
Polygon gained major interest from blockchain users thanks to the boom in crypto popularity. More and more people came into the space this year. And, as networks like Ethereum (CCC:ETH-USD) struggled to accommodate the masses of transactions, gas fees were sent skyrocketing. Polygon presents a layer-2 scaling solution, allowing for many more transactions to process at once. Thus, it can present users with far lower gas fees than layer-1 networks.
Thanks to this major thorn in the side of larger protocols, MATIC prices were allowed to boom. But just how much was there to be made through Polygon?
The MATIC Crypto Boom Sees Massive Returns Throughout 2021
Polygon’s MATIC crypto launched in the spring of 2019 at a value of under half a cent apiece. Throughout its first year and a half, the coin didn’t move much; November of 2020 saw its price loom under 2 cents. Savvy investors who foresaw the wave of layer-2 popularity in 2021 would have caught the tail end of this sideways trading. A $1,000 investment on Dec. 1 of last year would’ve netted about 50,000 MATIC coins.
MATIC’s all-time high came very shortly after in mid-May, seeing the coin reach $2.68. Currently, the coin is on track to reach that all-time high once again, as the coin is trading today at $2.31. If one had invested $1,000 in Polygon in December of 2020 and held to this day, they would be standing atop a price increase of 11,450%. That $1,000 investment would currently be worth $115,500.
That’s quite the nice payday for those lucky enough to get in before the crypto’s monolithic gains. But, things aren’t over yet. Recent news suggests more catalysts are in store for the Polygon network. Dec. 9 will see Polygon host the zk Summit, where the crypto promises to make a huge announcement about the future of the network. Much of the gains seen in recent days can be attributed to building bullishness. Volume is also spiking massively in the MATIC crypto; where average recent daily volumes range between $500 million and $1.5 billion, today’s volume stands at over $3.6 billion. It seems that investors don’t want to lose out on a crypto that is a proven major money-maker.
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.