Polygon (MATIC) was one of the best performers among the largest cryptocurrencies in the past week. With Bitcoin surging above $25,000, MATIC saw massive gains that would extend its rally above 21% in a seven-day period. As a result, the digital asset has managed to overtake Dogecoin (DOGE) by market capitalization, and Cardano (ADA) appears to be the next target.
Polygon flips Dogecoin, eyeing Cardano
The emergence of the ZK Sync narrative has played in Polygon’s favor so far as the digital asset has climbed to a one-year high. Since then, Polygon has been on a winning streak that has finally seen its market capitalization rise above Dogecoin. With this, MATIC is now the ninth largest cryptocurrency by market cap.
Now, Polygon’s market cap is just below the Binance USD (BUSD) market cap. There is no doubt that the stablecoin lost more than $3 billion after Wells’ notice was given to Paxos. However, Cardano (ADA) market capitalization is now on the horizon for MATIC.
Polygon market cap flips Dogecoin | Source: Coinmarketcap
At the time of writing, ADA has a market capitalization of $14.15 billion while MATIC is around $13.1 billion. This means that MATIC is only $1 billion less than ADA. Now, if MATIC were to post another rally like it did last week, and ADA were to continue its sluggish momentum, the former could easily overtake the latter to take the 7th largest cryptocurrency by market cap.
Right now, with a market capitalization of just over $11.7 billion, Dogecoin sits about $2 billion below MATIC.
Matic still looks bullish
Even with an already impressive hike, MATIC’s price doesn’t seem to go out of style. It is currently sitting above the 100-day and 200-day moving averages which fully confirms its current bullish trend. It is also the cryptocurrency that is in the top ten and is closest to an all-time high, sitting less than 50% below the ATH.
Mostly there is buying pressure on the cryptocurrency with enough support at $1.4. If the market takes a positive turn this week, it is very likely that MATIC will make another increase and may end up surpassing Cardano’s market capitalization.
At the time of writing, the price of MATIC is trending towards $1.5. It is down 1.22% in the last day but is up 27.32% in the past week, according to data from Coinmarketcap.
MATIC market cap crosses $13 billion | Source: Market Cap MATIC on TradingView.com