“You make your money in the bear markets. You see how much you made in the bull markets.” Were you stacking during this market? If so, then you might have surprised yourself at the size of some of your investment positions.
And one of our favorites went from a bear market low of 75.9 cents up to its current $1.17 cents. That’s already a 54% gain. So, if you did a DCA into this you might be closer to millionaire status than you think. Who are we talking about? It’s Polygon.
Do you hold enough Matic to become a crypto millionaire or do you need some more? Let’s find out.
Polygon Historical Performance
Before I come to an exact number of MATIC you need to become a millionaire, you and I need to understand where Polygon could go from here, we first need to understand where it’s been. Most of us are not whales holding hundreds of thousands of MATIC. So this means we will need to see a big price move to become a Polygon millionaire. But it could happen.
Average proving cost per @0xPolygon zkEVM transaction is $0.000084! 🔥
A year ago, everyone familiar with the concept of zkEVM (including us 🙈) was not convinced that these levels of proving efficiency will ever be possible.
Imagine where we will be in a year from now.. 💫 https://t.co/AOk5SxvYr5
— Mihailo Bjelic (@MihailoBjelic) March 16, 2023
So, Polygon’s own stated goal is to become the #3 project in crypto. That would mean only behind Bitcoin and Ethereum. Right now, here are their market values:
- Bitcoin $544 billion
- Ethereum $212 billion
- Polygon $10 billion
Today, Polygon is the #10 project. The current #3 at $79 billion is Tether. So if nothing else changes, Polygon would need a 6x or price of almost $8 to pass Tether. Those would be some sweet gains too.
But, we know that ‘if nothing else changes’ isn’t reality. Things change all the time and how much could Polygon gain in a big bull market? The total supply of MATIC is 9.8 billion, with 9 billion in circulation. So a move from $1.09 up to $7.80 would give us a value higher than Tether today.
The all-time low from back in 2019 is 3.1 tenths of a cent or $0.0031. Those days are long gone. But the all-time high was right after the big bull market top in November 2021. The high from December 2021 was $2.88. And that would be a nice 150% gain from here for us.
Last month, 100k users bridged, swapped, & managed their assets with the all-in-one Polygon Wallet Suite 🔌
This month, it’s coming to Polygon zkEVM for the launch of Mainnet Beta
For a rundown on functionality & what else is coming to Polygon zkEVM 👇🏽https://t.co/hDngX3zQWo
— Polygon (@0xPolygon) March 14, 2023
But could Polygon hit new all-time highs and make some millionaires? Yes, yes it can. Do you think Polygon will hit a new all-time high? Let us know in the comments below.
What do Polygon Matic Charts Say
We asked our Technical Analysis team to look at Polygon and here’s what they had to say: “…If we see $2.88 as the top of the previous cycle and $0.32 as the bottom of the previous cycle. Then in the next bull run, MATIC is likely to head towards 1.30, $1.60, $1.90, $2.33, and $2.88. Clearing the previous high of $2.88 could place MATIC in the long run at $4.46 and $7.02 (2.4X of previous ATH)”
And it’s helpful to know what the charts say. You can learn a lot from them. I also believe MATIC will go higher than that. So, looking at the all-time chart of more than 5 years between MATIC and ETH, MATIC is up against ETH by 72%. This means in a bull market when ETH rises, Polygon rises even more.
Looking back at our market caps, we have $212 billion for ETH and $10 billion for Polygon. Do you think ETH could be 1 trillion dollar project in a bull market and do a 4x? Because I do. Bitcoin hit $1 trillion at its high and it should blow through that the more it becomes a safe haven away from banks.
Polygon ID is the FIRST identity solution that allows users to securely and privately prove statements to a smart contract, based on rich Verifiable Credential documents issued off-chain, thanks to its use of zero-knowledge proofs.
More: https://t.co/Tv9l22fVZg pic.twitter.com/f2ZtngiKyc
— Polygon (@0xPolygon) March 10, 2023
Could Bitcoin hit $10 trillion and Ethereum $1 trillion? You bet it could. And over 5 yrs, this chart is telling us that MATIC gains value against Ethereum. So if ETH does a 4x, how much more than 4x could Polygon do?
How Much MATIC = $1 Million?
So you’ve seen our bull arguments based on:
- Market value growth.
- Market value dominance.
- Technical analysis.
- Growth over time against Ethereum.
And you know from videos like this one that MATIC is one of our top picks of the year. So how much MATIC does it take? In the next 2-5 years, we see MATIC going up to $40-60. That would mean Polygon is worth 400-600 billion. That’s the range where Bitcoin is now.
Polygon Miden is a zk optimised rollup that prioritises zk friendliness over EVM compatibility. This post outlines the motivation behind Miden, and an overview of its design & goals.
We would LOVE for 🫵🏽 to share your thoughts & feedback. Dig in 🍽️https://t.co/B4cTZObdIu pic.twitter.com/g03CVIHquk
— Polygon Developers (@0xPolygonDevs) March 24, 2023
So at $40, that means you would need 25,000 MATIC. Or in the upper end of our range, you would need between 16,666 and 25,000 MATIC to become a Polygon millionaire. Do you think Polygon could hit $40? Let us know in the comments below.
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