Polygon (MATIC) Sets Sights On Cardano’s Spot After Flipping Dogecoin

Polygon (MATIC) has been one of the best performers among the largest cryptocurrencies in the last week. With bitcoin’s run-up above $25,000, MATIC saw tremendous gains that would see it rise above 21% in a seven-day period. As a result, the digital asset has been able to surpass Dogecoin (DOGE) by market cap, and the next target looks to be Cardano (ADA).

Polygon Flips Dogecoin, Looks To Cardano

The advent of the ZK Sync narrative has played in the favor of Polygon so far as the digital asset rallied to new one-year highs. Since then, Polygon has been on a winning streak which eventually saw its market cap rise above that of Dogecoin. With this, MATIC is now the ninth-largest cryptocurrency by market cap.

Now, the market cap of Polygon is now sitting just beneath that of Binance USD (BUSD). The stablecoin has no doubt had a rough go of it, losing over $3 billion following the Wells Notice that was served to Paxos. However, the Cardano (ADA) market cap is now in sight for MATIC.

Polygon market cap flips Dogecoin | Source: Coinmarketcap

At the time of writing, ADA’s market cap is $14.15 billion while MATIC is at approximately $13.1 billion. This means that MATIC is just $1 billion below ADA. Now, if MATIC were to stage another rally like it did last week, and ADA were to continue on its slow momentum, the former can easily take over the latter to claim the seventh spot on the largest cryptocurrencies by market cap.

Presently, with a market cap just above $11.7 billion, Dogecoin is sitting around $2 billion below MATIC.

MATIC Still Looks Bullish

Even with an already impressive rally, the price of MATIC does not seem to be done. It is currently sitting above its 100-day and 200-day moving averages which completely validates its current bullish trend. It is also the cryptocurrency out of the top 10 which is the closest to its all-time high, sitting less than 50% below its ATH.

Mostly there is buying pressure on the cryptocurrency with adequate support at $1.4. If the market were to see a positive turn this week, then MATIC is very likely to stage another run-up and could end up surpassing the market cap of Cardano.

At the time of writing, the price of MATIC is trending at $1.5. It is down 1.22% in the last day but is up 27.32% in the last week, according to data from Coinmarketcap.

MATIC market cap crosses $13 billion | Source: Market Cap MATIC on TradingView.com