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Bitcoin and Polygon [Matic] Price analysis
Bitcoin and Polygon [Matic] Price analysis
Trading

Bitcoin and Polygon [Matic] Price analysis

By R.L. Bryer - 7 Jun 2021

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Bitcoin price analysis

Bitcoin price [-.91%] continues to chop despite bullish news across the market over the past week.

Arguably the most bullish story of the week came over last weekend at the much anticipated Bitcoin Miami Conference 2021. Over video presentation at the conference El Salvador’s President announced his initiative of a bill to legalize bitcoin as legal tender in the country.

Long term bitcoin holders don’t need another bullish signal of bitcoin’s potential longevity but newcomers may. A prominent signal to ‘new money’ investors that crypto is here to stay may’ve come in the purchase of rights to what’s formerly American Airlines Arena in Miami. The arena’s new name is FTX Arena – FTX is one of the world’s most popular cryptocurrency exchanges.

FTX has the rights to the name of the arena for the next 19 years.

There’s yet to be a markup on bitcoin price as a result of this news however and bitcoin’s exchange trade volume is near 2021 lows.

Exchange Trade Volume [USD] – chart by Blockchain.com

Bitcoin’s 24 hour range is $34,937-$36,449. BTC’s 7 day LOW is $34,937 and HIGH is $36,449.

BTC dominance is 39.8% with a market capitalization of $671.2 billion at the time of writing.

Sunday’s daily / weekly candle close was $35,871.

Polygon [ Matic ] price analysis

Matic price [-.09%] rally to again push above $2 was stifled when it failed to break $1.9 as overhead resistance this week. Matic’s -18.7% over the last 7 days and has fallen more than $.33 since the bulls attempt was exhausted to push the price higher.

Polygon’s 24 hour trading volume is $1.43 billion with a market capitalization of $9.72 billion. Polygon’s the number 16th ranked cryptocurrency project by market capitalization.

Matic’s price -40.9% from it’s all-time high of $2.65.

The 24 hour range of Matic is $1.47-$1.59. The 7 day LOW is $1.47 and HIGH is $1.88.

When compared with the crypto’s blue chip juggernauts over the last 12 months Matic’s relative strength over this same duration is illuminated.

Against BTC over the past 30 days Matic is +228%, over the last 90 days 608% and over the last 12 months +1,919%.

Against ETH over the last 30 days Matic is +165%, over the last 90 days +370% and over the last 12 months +577%.

Matic’s price daily / weekly candle closed at $1.58. 

 

R.L. Bryer
R.L. Bryer

Since 2009, the onset of the bitcoin network, R.L. Bryer has been covering the space. He is the author of Blockchain: Project Renaissance Volume I and II. He's also been the guest of countless bitcoin and cryptocurrency related podcasts throughout the world. Every opportunity, he speaks on or writes about Austrian Economics and how bitcoin is the world's preeminent money.

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