THE Polygon cryptocurrency has increased in popularity this year and hit a record high value in mid-May.
Also known as MATIC, we explain how much the cryptocurrency is worth and how it’s predicted to change in future.
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Polygon is an Ethereum token that powers the Polygon Network, which aims to provide faster transactions on the Ethereum blockchain.
It was originally known as the Matic Network when it launched in 2017.
If you’re planning to invest in the cryptocurrency, unless you already have, be aware that it’s not a guaranteed way to make money.
In fact, the value of your investment can do down as well as up in the blink of an eye, so you may actually lose money.
In other words, don’t invest more than you can afford to lose or into anything you don’t understand.
There’s also scant regulation for cryptocurrency firms, so you won’t have any protection if things go wrong.
What’s the price of Polygon (MATIC)?
The price of Polygon is currently sitting at $1.64 – down by 1.13% over the past 24 hours, according to CoinMarketCap.
In comparison, it was worth a lower $0.6241 on July 20.
Polygon hit its highest ever level on May 18 when it rocketed to $2.4544.
The price has soared by around 9,200% this year – up from $0.01781 on January 1.
Polygon price predictions for 2021
How the price of Ethereum will change in future is impossible to know for certain, but experts and investors have still made predictions.
Charlie Barton, investment specialist at comparison site Finder, warned in mid-May: “The performance of Polygon has been extremely strong recently, achieving 10,000% growth in the last year.
“It’s easy to get carried away, but such aggressive growth is highly unlikely to continue forever.”
Meanwhile, some cryptocurrency forecasting sites are more positive.
For example, WalletInvestor has a one-year forecast of $4.339 and a five-year prediction of $15.491.
Coinpriceforecast predicts the cryptocurrency will end 2021 at $2.50 before soaring to $7.65 at the end of 2033.
Similarly, Digitalcoinprice expects Polygon to hit $2.39 in 2021 but to then reach $7.37 earlier in 2028.
It’s important to take these predictions with a pinch of salt though, as they’re nowhere near guaranteed.
The cryptocurrency market is affected by a number of factors, including regulatory crackdowns and comments by high-profile individuals.
Susannah Streeter, senior investment and markets analyst at Hargreaves Lansdown, previously told The Sun: “With new innovations and technologies being rapidly slotted into this world, with no regulation to speak of, investing in Polygon is a risky business.
“Traders should only dabble in cryptocurrencies and tokens with money they should be prepared to lose, given the highly volatile nature of the market.”
We reveal Ethereum price predictions for 2021 and whether the cryptocurrency could hit $10,000.
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