With the approach of Ethereum’s Merge, the hype around second-layer scaling solutions like Polygon (MATIC) is slowly building up. BTC’s decreases in price and functional limitations don’t make things easier for investors.
BTC’s price fluctuations and the instability of the crypto market urge investors to diversify their portfolios. Platforms like https://godex.io help them do it securely and with the best rates. In this article, you will learn about the current Bitcoin situation on the market and the possibility to reinvest your BTC tokens in MATIC.
What You Need to Know Before Exchanging Bitcoin
Bitcoin (BTC) is the most popular crypto. It has a market cap of over $400 billion, which is more than the annual GDP of countries like Norway or Egypt. Since it represents a significant chunk of the crypto pie, the changes in Bitcoin’s performance influence the whole market.
As of today, BTC’s price stands at around $22,000. If you take a look at BTC’s price history, you’ll notice that it moves in cycles. Bitcoin has been bearish for the first half of 2022. Its all-time high price was $68,789 in November 2021.
In June 2022, BTC reached the lowest price in almost two years — $17,744. Some crypto experts believe that the BTC price will continue to fall due to macro factors like an increase in energy costs, the possibility of the Federal Reserve raising interest rates this July, and the ongoing war in Ukraine.
Although the price of mining one BTC has also dropped from $24,000 to $13,000, it had little influence on the performance of its price. Investors started considering converting some of their BTC to MATIC in search of fresher and more advanced tokens.
BTC Price Prediction
According to the BTC price analysis done by Tradingbeasts, the Bitcoin price will steadily decrease till the end of 2023. It predicts the BTC price to drop to $15,698.
Crypto experts at Digitalcoinprice are more optimistic. They believe that Bitcoin can go back to the price of $34,279 by 2023. Priceprediction predicts that BTC will go back up to $41,180 by the end of 2022.
Overview of Polygon
Polygon (MATIC) is a second-layer scaling solution developed by Sandeep Nailwal, Anurag Arjun, and Jaynti Kanani in 2017. Polygon’s purpose is to produce the best scaling solutions for Ethereum. Its most popular scaling solution is the Polygon PoS Sidechain.
The chain runs parallel to Ethereum and relies on it for security. There are three layers within the Polygon PoS chain:
- Ethereum layer (where MATIC is staked);
- Heimdall layer (nodes monitor the staking);
- Bor layer (transactions are accumulated into blocks).
The Bor layer is the processing core of the Polygon PoS chain. The purpose of the Heimdall layer is to take snapshots of the Bor layer and submit them to the ETH blockchain.
Polygon’s native coin is MATIC. It’s an ERC-20 token that is used as a settlement currency within the network. One MATIC has a value of $0.81. Its all-time high was at $2.8 in December 2021. Polygon’s market cap stands at $6.5 billion.
MATIC Price Forecast
According to the MATIC price analysis done by Tradingbeasts, MATIC will be traded for $1.3 in 2023. Crypto experts at Digitalcoinprice predict Polygon’s price will stand at $1.1 by the end of 2022. Priceprediction predicts that one MATIC will cost $1.2 in 2023.
How to Convert BTC to MATIC Using Godex
To start exchanging BTC for MATIC, follow this uncomplicated step-by-step guide:
- Go to Godex. In the middle of the page, find a calculator. Choose the coins you want to exchange and enter the desired amount of crypto. Click on the “Exchange” button.
- Enter your MATIC wallet address in the “Destination address” field. Make sure that the data you entered is accurate. After that, you’ll receive a deposit address. Send the amount of BTC tokens you want to exchange via the generated link.
- Wait for the confirmation of your transaction.
- After 5-30 minutes, check the wallet.
- View a detailed report of your transaction after it’s completed.
No registration is required. With Godex, the whole exchange process is done without sharing any personal info.
The crypto market is dependent on BTC, but it doesn’t end with Bitcoin. There are other interesting coins worth your attention. MATIC presents a powerful token backed by high-end blockchain technology. Investing some of your funds in Polygon might result in substantial gains in the future.