Decided you want in on the action? You can buy Polygon on Coinbase, Crypto.com and Voyager.

Cryptocurrency prices are moving quickly. Ethereum (ETH) is shooting higher in a renewed bull market. DeFi applications offering token swaps, liquidity mining and staking for interest are boosting participation in the space. And as the technologies underpinning smart contract platforms continue to develop, their associated tokens promise incredible gains for investors.

While holders of ETH are surely happy with recent price increases, users of the Ethereum platform are literally paying the price for the blockchain’s success — in gas! As ETH rises in fiat value, network congestion becomes a headache for traders. Gas fees skyrocket. Transactions slow. And a growing segment of crypto enthusiasts find themselves priced out of the dApps built on top of the world’s 2nd largest blockchain. 

Due to the inherent problems with Ethereum’s low throughput and high fees, savvy investors are increasingly looking for alternatives in the altcoin market. Layer 2 solutions like Polygon (MATIC) have made terrific headway with traders in the space. 

But what is Polygon, exactly? And what kind of returns can be expected from a reasonable investment in the altcoin? With huge gains being realized everyday in the crypto market, Investors are asking just one question, how high can Polygon go?

What is Polygon?

At its most basic level, Polygon is a layer 2 solution for dApps built on Ethereum. Polygon allows traders to access, swap, exchange and stake ETH and ERC-20 tokens without the associated congestion and fees that plague the original smart contract platform.

With a proof of stake (PoS) bridge available to traders, Polygon seamlessly transfers funds between the Ethereum and Matic networks. Using the token, MATIC, traders can explore the dApps they’ve come to love on Ethereum while paying significantly less for the associated transaction fees.

But Polygon is more than a layer 2 solution. Ultimately, the company represents Ethereum’s “internet of blockchains.” Offering a framework for building Ethereum compatible blockchains, Polygon supports a multichain Ethereum ecosystem. 

Polygon Market Position

Polygon is ranked No. 19 by market cap in an expanding list of altcoins. Trading near $1.46 at the time of writing, this leader in the layer 2 space has grown 10%, along with ETH, in the past week. As a top-tier altcoin with a usable platform, Polygon will likely attract an influx of traders, who after purchasing ETH, will find themselves unable to use it on Ethereum because of soaring gas fees.

With a circulating supply of more than 6.5 billion coins, Polygon now finds itself nearing a $10 billion market cap. While there is still room to run, investors may be more interested in how the company will maneuver among a newer class of multichain competitors, like Cosmos (ATOM).   

PrimeXBT Analyst Kim Chua’s Bull Case for Polygon

PrimeXBT analyst Kim Chua is an institutional trading specialist. While known far and wide for her successful trading strategies in traditional markets, Kim actively follows cryptocurrencies in her role with PrimeXBT. And what she sees is extremely bullish for Polygon.

According to Kim, MATIC should be trading at $2.78 — at a minimum. Kim says Polygon suffers from a low valuation multiple when compared to other tokens in the space. And if she’s right, Polygon could be looking at incredible gains in the near term. 

Trading Beasts’ Bear Case for Polygon

Trading Beasts, a leading forex and crypto educational portal has forecast long-term expectations for the MATIC token. While generally bullish in the near-term, the analysts behind the Trading Beasts portal believe the token will settle after reaching $1.83 by the end of October 2021. According to the education portal’s prognosticators, MATIC won’t be able to hit $2 until sometime after March 2022.

Where to Buy Polygon

If you’ve made it this far, you probably want to know where you can find the token behind Polygon’s multichain scaling solution. Lucky for you, MATIC is widely available on most top exchanges. 

When deciding on a trading platform that’s right for you, it pays to consider the differences among your options. With state-of-the-art security and feature-rich trading environments, your best options for buying MATIC include Coinbase, Gemini, Voyager and Crypto.com.

How Long Will it Take for Polygon to Reach $5?

Market participation is increasing. As Ethereum rises in price, its problems — network congestion and gas fees — magnify. Altcoins with smart contract platforms and layer 2 solutions like Polygon lie front and center before an increasingly frustrated investor class. And as Ethereum continues to grow, so will the value of its compatible blockchains. As such, it isn’t hard to imagine this coin making strides towards a brand new all-time high in the coming months and years. 

But riding the coattails of Ethereum’s popularity may not be enough to justify the $30 billion market cap that would come with a theoretical $5 coin. To reach these heights, MATIC will need to prove itself against a growing field of competitors in an uncertain future. 

Where to Store Polygon Safely

If you’ve decided to purchase MATIC, you’ll want to store your crypto safely in a wallet off of your chosen exchange. You’ll find both software and hardware wallets widely available, depending on your needs. 

While software wallets offer mobile connectivity and access to dApps, hardware wallets keep your assets disconnected from the internet and represent the most secure way to hold cryptocurrencies. Whichever you choose, the selections here represent trusted industry standards.