The digital currency Matic gained attention in the last hours after its strong and rapid performance, as it achieved an increase of 18% in the last 24 hours, making it one of the best winning digital currencies recently.

At the time of writing this article, MATIC cryptocurrency is trading at $1.4 with a trading volume of $1.4 billion in the last 24 hours and is ranked #11 with a direct market capitalization of $9.8 billion.

With Matic surpassing $1.4, the cryptocurrency emerged as the top performing asset among top-rated cryptocurrencies yesterday, November 3, according to CoinMarketCap.

In fact, the cryptocurrency market has experienced some relief across various cryptocurrencies, which explains why Polygon (Matic) is showing some price momentum in the short term.

This contributed significantly to the growth of the MATIC network, enabling it to achieve its recent rise.

Factors behind the rise of digital currency MATIC:

On November 2, Instagram’s parent company, Meta, announced plans to introduce several NFT-related tools that will enable creators to distribute, display and sell NFTs.

The technology company has tapped Polygon Blockchain as an early partner for functionality that allows its creators to create digital collections and sell them on and off Instagram.

Banking giant JP Morgan also announced on November 2 that it had successfully executed the first ever cross-border transaction using decentralized finance (DeFi) on the Polygon network.

JP Morgan said it used Polygon to conduct its first live trade (worth about $71,000) on blockchain technology, a critical step toward integrating crypto assets into traditional financial frameworks.

After the above announcements, MATIC’s value rose more than 20% to $1.14, along with an increase in daily trading volume.

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