Polygon price surges to 4-month high as Bitcoin hits $36.8k

• Polygon’s price traded to $0.84, a level last seen in July.
• Meanwhile, Bitcoin (BTC) climbed to $36,800 amid optimism around spot Bitcoin ETF approval.
• MATIC is trading higher as continued whale accumulation adds buy pressure to the market.

Polygon (MATIC) price rose early Thursday morning to trade at highs of $0.84 on major crypto exchanges. 

The token’s nearly 6% price jump in the past 24 hours means the native token of the layer-2 Ethereum scaling platform reached a four-month high. The altcoin’s market cap has also increased to $7.6 billion, up more than 5.4% in the past three weeks.

Why is Polygon (MATIC) price up?

Polygon’s price has returned to levels last seen in July as cryptocurrencies hit $1.4 trillion in global market cap and 24-hour trading volume of $77 billion.

Meanwhile, Bitcoin (BTC) price climbed to above $36,800 as the optimism around the ecosystem increased. Analysts are bullish on the flagship crypto amid possible catalysts in spot Bitcoin ETF approval and BTC block reward halving in 2024.

For MATIC, the latest dose of upward sentiment comes amid continued whale accumulation. Polygon whales with between 100k and 10 million MATIC have bought an additional 42.88 million tokens since October 24, market intelligence and analytics platform Santiment noted in a post on X.

📈 With #altcoin milestones continuing to fire off, #Polygon has steadily risen back to $0.80 and increased its market cap by +54% in just 3 weeks. And in the past 2 weeks, the key wallets holding 100K-10M $MATIC have supported this rise by accumulating. https://t.co/i7lMmBgRbX pic.twitter.com/dWGXJ8CzOK

— Santiment (@santimentfeed) November 9, 2023

A total of 161 transactions valued at over $100,000 in one day highlights the appetite by large holders to accumulate the token. The overall outlook is that this trend has coincided with the price of MATIC picking upside momentum.

If bulls lock onto the next target at $1.00, its possible MATIC/USD could rally to year-to-date highs of $1.54 reached in February. The token’s all-time high of $2.92 was reached in December 2021.