Polygon Emerges as Ethereum’s Top Competitor in User Metrics
Recent reports have revealed that Polygon [MATIC] has made significant strides in 2023, particularly in key user metrics. This data highlights the network’s strong competition with Ethereum and its ranking above other major blockchain networks.
In terms of user acquisition, Polygon has secured the second position, just behind Ethereum. Flipside’s data shows that the two networks collectively attracted over 62 million users, with Polygon boasting an impressive 15.2 million acquired users. These figures represent users who have conducted at least two transactions on the network.
Furthermore, Polygon has also claimed the second spot in the number of super users, referring to acquired users who have conducted over 100 transactions. The network recorded over 510,000 such users in 2023, solidifying its position as a top contender in the blockchain industry.
Transaction Volume Soars to New Heights on Polygon
One striking observation when analyzing Polygon’s transaction trend is the remarkable volume it experienced in 2023. The Scanner chart clearly indicates that the network reached its peak transaction volume during that year, with the highest daily transaction count recorded at over 16.4 million on November 16th.
However, recent data reveals a significant decline, with the current transaction count surpassing the 3.3 million mark. Despite this decrease, there has been an increased number of active accounts on the network, indicating a shift in user behavior.
As of now, the count of active accounts on Polygon hovers around 673,000. The network’s highest-ever recorded number of active accounts was 782,186.
MATIC Faces Downward Trend with Glimmer of Hope
While Polygon showed a strong performance towards the end of the previous year, the new year has yet to see a continuation of this positive trend. The daily timeframe chart illustrates a downward trend for most of the year; however, there has been a recent increase in value, with MATIC trading at around $0.74, reflecting a 2.4% growth.
Analyzing the Relative Strength Index (RSI) indicates that Polygon needs sustained upward movement to break free from its current bearish trend. The current increase in value suggests a potential shift, but a more significant reversal in its overall trend will require continuous positive movement.
The Value of MATIC: 1, 10, 100 MATICs in Focus
Considering the value of MATIC, it is important to analyze the Relative Strength Index (RSI) to gain insights into potential uptrends. At present, Polygon’s upward movement hints at a possible shift in its trend. However, sustained positive movement will be crucial for a more significant reversal in the network’s overall trajectory.
As of now, MATIC is trading at around $0.74, indicating a 2.4% increase. However, it is worth noting that the market for cryptocurrencies is highly volatile, and investors should exercise caution while considering the value of MATIC.
Conclusion
Polygon’s performance in user metrics has positioned it as a top competitor to Ethereum. With an impressive number of acquired users and a substantial presence among super users, Polygon has proven its worth in the blockchain industry. While its recent transaction volume may have experienced a decline, the network’s active accounts have seen an uptick, signifying a potential shift in user behavior. Although MATIC has been mostly on a downward trend throughout the year, recent positive movement in its value offers hope for a possible reversal in its overall trajectory. Nonetheless, investors should exercise caution due to the volatile nature of the cryptocurrency market.
Analyst comment
Positive news: Polygon emerges as Ethereum’s top competitor in user metrics, securing the second position in user acquisition and number of super users. Transaction volume reaches new heights, but recent data shows a decline with an increase in active accounts. MATIC’s value shows a glimmer of hope with a recent increase and potential shift in trend. However, caution is advised due to the volatile nature of the cryptocurrency market. The market is expected to be influenced by user behavior and sustained positive movement.
