Polygon (MATIC) To Reach New Record, Bullish Ahead Of zkEVM?

Polygon (MATIC) zkEVM News: With the upcoming launch of the Polygon zkEVM rollup, MATIC is all set to break a new record. The cryptocurrency stands as the highest individual gainer among major coins since the beginning of 2023. The rollup could potentially turn out to be a game changer for the token as the zkEVM addition would significantly reduce costs and improve security. And clearly, the announcement of date for the rollup to go live sounded a bullish pattern for the traders.

Also Read: Why Upcoming Polygon (MATIC) Upgrade Can’t Come At A Better Time

What Is the MATIC zkEVM Rollup?

zkEVM is an acronym for zero knowledge Etherem Virtual Machine (zkEVM). At the core of it, the rollup will bring in the off-chain computational capacity with zero knowledge proof concept and validate the data on the EVM. This will essentially bring down the storage and computational costs that are otherwise done on-chain. Also, the zero knowledge method of approving transactions without going through the churn of revealing the details. Hence, the existing Polygon network will be able to perform smart contracts and developer activities in the new protocol without any hassles, by virtue of zkEVM’s compatibility.

MATIC/BTC To All Time Highs?

Thanks to the huge rise in MATIC price in recent times, its pairing with Bitcoin shot up to near its all time high level. While BTC price itself rose significantly since the beginning of January 2023, MATIC price has doubled in the same period. Hence, the MATIC/BTC pairing is on the verge of its peak of $0.000064 maintained in November 2022 before the FTX collapse. As of writing, Polygon price stands at $1.52, up 3.518% in the last 24 hours.

I don’t think people are prepared for what’s about to happen to $MATIC once it’s $BTC pairing breaks out into new all time highs pic.twitter.com/LyhcTvE0jn

— Johnny (@CryptoGodJohn) February 17, 2023

In this context, some traders believe there could be huge upside to the No 8 ranked cryptocurrency if the MATIC/BTC pairing breaches the all time high.

Also Read: Will Bitcoin Price Rally Above Key 200-WMA Level? Or It’s A “Bull Trap”

Anvesh reports major developments around crypto adoption and trading opportunities. Having been associated with the industry since 2016, he is now a strong advocate of decentralized technologies. Anvesh is currently based in India. Follow Anvesh on Twitter at @BitcoinReddy and reach out to him at [email protected]

The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.