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MATIC is currently the 17th-largest cryptocurrency by market capitalisation, thanks to an exchange ranking that saw it reject the bearish atmosphere that has afflicted major tokens.
On May 18, the MATIC token from Ethereum infrastructure production network Polygon reached new all-time highs, becoming the best-performing cryptocurrency of the day.
MATIC hits fresh record high
TradingView showed MATIC/USD reaching $2.18 during trading on May 18 in firm defiance of the broader market downtrend.
MATIC spiked after being listed on major exchange Kraken on May 17, continuing a dramatic uptick that began when Kraken announced the news earlier this month.
As a result, the 17th-largest cryptocurrency by market capitalisation outperformed all others in terms of daily and weekly gains. Both figures were 22 and 118 percent, respectively, at the time of publishing.
The timing was a boon to many traders who had been seeing the valuation of their shares fall in recent days due to selling pressure on Bitcoin (BTC).
“MATIC is trying to save my portfolio on its own,” famous trader Scott Melker told Twitter followers.
MATIC was led by Synthetix Network Token (SNX) with a return of 21% in the last 24 hours, and Telcoin (TEL) with a return of 17%.
Traders keep the faith in “alt season 2.0”
The top ten cryptocurrencies by market value, on the other hand, were all in the red, with the exception of XRP, which was up 6% at $1.61.
However, for long-term market players, it was “business as usual” — recent developments were no reason to reconsider what is already a developing ecosystem.
“Many Altcoins have been developing multi-year market structures,” trader Rekt Capital tweeted on May 18.
“Any short-term fear or uncertainty over the next few days or even week or two are unlikely to change these long-term formations and structures.”
Bitcoin rebounded at $42,000 — the level of its all-time lows in February — to reclaim some lost land, despite concerns that the bottom could still be on the way.