The native token of Polygon (POL), an Ethereum scaling network, led gains through the weekend in the broad-market crypto benchmark CoinDesk 20 Index (CD20).
POL surged 16% from Friday through early Monday, topping $0.29 for the first time since early March, CoinDesk data shows. Recently, it pared back some of the advance slipping below $0.28.
The move happened as the CD20 remained little changed with bitcoin (BTC) and Ethereum's ether (ETH) posting only modest gains.
CoinDesk 20 performance Aug. 29 - Sep. 1 (CoinDesk Indices) While there wasn't any clear catalyst behind POL's surge, some positive developments may have bolstered the token's performance.
Polygon was one of the chains mentioned last week in the U.S. government's initiative to release key economic data such as GDP on blockchain rails.
The network also announced an integration last week with USDT0, a Tether-focused cross-chain stablecoin protocol, that could help boost the network's position as a key liquidity hub for stablecoin flows.
On the technical front, POL's breakout signals strong bullish momentum, CoinDesk's Research model showed. Despite the consolidation from its recent peak, buying pressure in the $0.277-$0.278 range could signals continued support for further gains, the model said.
Read more: U.S. Government Starts Pushing Economic Data Onto Blockchains as 'Proof of Concept'
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Polygon Leads Crypto Gains With 16% Weekend Surge as CoinDesk 20 Index Holds Steady
The native token of Polygon (POL), an Ethereum scaling network, led gains through the weekend in the broad-market crypto benchmark CoinDesk 20 Index (CD20).
POL surged 16% from Friday through early Monday, topping $0.29 for the first time since early March, CoinDesk data shows. Recently, it pared back some of the advance slipping below $0.28.
The move happened as the CD20 remained little changed with bitcoin (BTC) and Ethereum's ether (ETH) posting only modest gains.
CoinDesk 20 performance Aug. 29 - Sep. 1 (CoinDesk Indices) While there wasn't any clear catalyst behind POL's surge, some positive developments may have bolstered the token's performance.
Polygon was one of the chains mentioned last week in the U.S. government's initiative to release key economic data such as GDP on blockchain rails.
The network also announced an integration last week with USDT0, a Tether-focused cross-chain stablecoin protocol, that could help boost the network's position as a key liquidity hub for stablecoin flows.
On the technical front, POL's breakout signals strong bullish momentum, CoinDesk's Research model showed. Despite the consolidation from its recent peak, buying pressure in the $0.277-$0.278 range could signals continued support for further gains, the model said.
Read more: U.S. Government Starts Pushing Economic Data Onto Blockchains as 'Proof of Concept'
View Comments