Indian crypto startup, Polygon, has got listed in the Bitwise 10 Large Cap Crypto Index (BITX). BITX tracks the returns of the 10 largest crypto assets. Polygon crypto founders are three Indian software engineers -Jaynti Kanani, Sandeep Nailwal, and Anurag Arjun, who co-founded in 2017. The company aims to improve the usability and convenience of the current decentralized ecosystem. Moreover, it is a layer 2 Ethereum scaling solution.
Polygon crypto news
Crypto assets are measured and weighted by free-float market capitalisation. Bitwise Asset Management works to manage the index (BITX). Moreover, it is a crypto-specialist asset manager. It has assets under management (AUM) worth $1.5 billion. After the May month-end index reconstitution process completed. In fact, Polygon’s formal name is Matic. BITX also constitutes Bitcoin, Ethereum, Chainlink, Bitcoin cash and Litecoin and other crypto assets. Polygon replaced crypto token Aave in the May reconstitution and rebalancing of the index. All the Crypto assets which are present in Bitwise 10 Large Cap Crypto Index are screened every month for liquidity, custody, and other risks, and rebalanced. One of the major reasons for Polygon to enter the Index is the rise in demand for layer 2 scaling solutions. Moreover, layer 2 scaling solution is attracting capital inflow for Polygon.
Polygon crypto price
The recent crypto market crash surely affected this magic coin as the Polygon crypto price before the hit was $2.45, then it came down to $1.38. Besides this, the current price of Polygon is $2.24. Let’s know some stats now. Polygon has a 1.03% weightage in the BITX. Whereas Bitcoin has a weightage of 63.92% and Ethereum still holds a weightage of 28.85%. Currently the Bitwise 10 Large Cap Crypto Index (BITX) stands at 46,473 with a market capitalization of $1.12 trillion.
Polygon crypto price prediction
MATIC has been one of the most promising cryptocurrencies this year. Since the start of 2021, the price of Polygon’s cryptocurrency has skyrocketed from $0.01 on 1 January 2021 to the consistently high of $2.68 on 11 March. An increase of almost 26.70% serves as a positive argument to the Polygon (MATIC) crypto price prediction.
Polygon proved to be one of the top 20 most liquid and largest cryptocurrencies. Moreover, due to China’s ban on the use of cryptocurrencies, the price of crypto currency has decreased. As a result, this caused a steep decline in the prices of cryptocurrencies like Bitcoin, Ether, etc. But, Polygon cryptocurrency is stealing the limelight as it wasn’t much affected by the crypto market’s volatility.