Polygon (MATIC) is in the spotlight after its Proof of Stake (PoS) network hit a new record high with 1.23 million daily active addresses. Thus, the PoS chain maintained more than one million daily active addresses for 20 consecutive days. Following the announcement, MATIC price reached $1.26 – the highest since February 2023.
Meanwhile, a number of altcoins managed to record a rally by relying on other crypto assets.
MATIC achieved the same thing thanks to the support of its holders. These investors have sustained Polygon's bullish momentum with their activeness on the network.
US inflation
On the other hand, inflation in the United States (US), which is still quite hot, also puts pressure on risk assets, including crypto.
US inflation in February was higher than expected earlier Tuesday, with the Consumer Price Index (CPI) rising 3.2%, slightly higher than analysts' expectations. Stiff inflation this year could make the US central bank (Federal Reserve) reluctant to lower interest rates.
Even though US inflation has had little influence on crypto, lead research analyst at Nansen.ai, Aurelie Barthere, said that there is too much bullish momentum in crypto.