Cryptocurrency Polygon (CCC:MATIC-USD) is up 10% this morning amid speculation as to how high the alternative to Ethereum (CCC:ETH-USD) may go in the coming year.
Polygon’s price is at $2.31 today and rising. The 10% gain in morning trading adds to the digital token’s 13,000% gain for the year. On Jan. 3, 2021, MATIC’s price stood at just $0.0195. The rapid price appreciation has come as cryptocurrency bulls increasingly view Polygon as a legitimate candidate to dethrone Ethereum as the leading facilitator of decentralized finance (DeFi) transactions, or financial transactions that do not require an intermediary such as a bank.
MATIC proponents claim that Polygon provides lower transaction costs and faster speeds than Ethereum, and that it is only a matter of time before its blockchain becomes the main DeFi platform. Rumors are circulating online that Polygon will soon scale and move to supplant Ethereum. While we wait for that event to possibly occur, we thought it would be helpful to round up some price predictions for MATIC as the cryptocurrency continues to defy expectations.
Polygon Price Predictions 2022
- An analysis on website CoinQuora forecasts that MATIC’s price will reach $7.50 in the year ahead. If accurate, that would represent a further gain of 225% from Polygon’s current price. In its analysis, CoinQuora states: “The first half of 2022 is going to show fast growth, up to $8. Then this rise will slow down, but no major falls are expected. With upcoming, partnerships, and developments reaching $7.50 is undoubtedly feasible for the near future.”
- Using a proprietary algorithm, website WalletInvestor.com predicts that MATIC’s price will nearly double to $4.52 by the end of 2022. WalletInvestor sees volatility ahead for the cryptocurrency but ultimately expects the price to appreciate 96% during the year ahead. “Since this virtual currency has a positive outlook we recommend it as a part in your portfolio,” says the website.
- Yet another cryptocurrency website, DigitalCoinPrice, is bullish on Polygon’s outlook, forecasting that its price will reach $3.74 by the end of 2022, $4.55 in 2023, and $6.51 in 2025. Digital Coin offers MATIC price predictions all the way out to 2028 and sees the digital token reaching $9.62 by that year.
- Gov.Capital offers a more accelerated timeline for MATIC’s price, forecasting that it will reach $3.77 by the end of 2022, $5.67 by the end of 2023 and $9.07 by December 2025.
The Bottom Line on the MATIC Crypto
While the price predictions for MATIC vary, most cryptocurrency analysts see the value of Polygon rising over the next year as its utility and esteem continue to grow. While the outlook for Polygon is positive and demand appears to be accelerating, it is important for investors to remember that cryptocurrencies remain highly volatile assets and are prone to big price swings and even crashes. Currently, Polygon is one of the smaller digital assets available to investors.
On the date of publication, Joel Baglole 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.
