Polygon (Matic) has been one of the biggest gainers of the last 24 hours in the cryptocurrency trading sector, aAccording to CoinMarketCap. Polygon has increased its value by 4.33% in the last 7 days. The price increased by 11.44% in the last 24 hours.

At the time of writing, the price of Polygon was $0.951668 with a 24-hour trading volume of $1,147,593,937; and was ranked #11, with a live market capitalization of $8,312,170,483.

With Matic breaking above $0.951668, it emerged as the best performing asset among the top-ranked cryptocurrencies on Nov. 3, according to CoinMarketCap price tracking website for crypto assets.

In fact, the crypto market has enjoyed a bit of relief across assets, which explains why Polygon (MATIC) is showing some short-term price momentum. However, the growth of the MATIC network has contributed significantly to the last decent rally.

Courtesy: TradingView

On Nov. 2, Instagram parent company Meta announced plans to introduce a series of non-fungible token (NFT)-related tools that will allow creators to mint, display, and sell NFTs. The tech firm tapped into the Polygon blockchain as an initial partner for functionality that would allow its creators to make digital collectibles and sell them on and off Instagram.

Banking giant JP Morgan also announced on November 2 that it successfully executed its first cross-border transaction using decentralized finance (DeFi) on the layer 2 network Polygon blockchain. JPMorgan said it used Polygon to conduct its first live trade (worth approximately $71,000) on blockchain technology, marking a crucial step toward integrating crypto assets in traditional financial frameworks.

After the previous announcements, MATIC increased in value by more than 13% to $0.985, accompanied by an increase in its daily trading volume.

In recent months, several household names have chosen Polygon blockchain as their preferred partner to enter Web3. Top-tier brands like Coca-Cola, Reddit, DraftKings, Bentley Motors, Quadrata, NFTically, and Starbucks launched their NFTs on the Polygon network.

Even though Polygon saw a considerable increase in its value fueled by the growth of its network, it is still early days for the token to maintain its momentum at its $0.90 level. Macro risks threatening the ongoing crypto market recovery may damage their optimism and trigger their downside.

The Polygon cryptocurrency is expected to see slow but steady growth that would maintain its average trading price of around $0.889911 and even rise to a high of $1.15 for part of this year.

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