Why did MATIC's price go up today? Major cryptos stage comeback

MATIC ( MATIC-USD ), the native token of the polygon network, advanced as much as 11% to $1.46 Thursday as traders widened their risk appetite despite renewed regulatory scrutiny of the cryptocurrency industry. The gains in MATIC come as bitcoin ( BTC-USD ), which is seen as a gauge of the wider crypto market, surged earlier in the session to the highest level seen in six months . MATIC changed hands at $1.38 as of 5:33 p.m. ET, compared with its all-time high of $2.87 at the end of 2021. Seeking Alpha contributor in December called MATIC his top crypto bull pick for 2023, citing its daily active user growth. For some context, the polygon project is an ethereum ( ETH-USD ) scaling solution that aims to enable fast transactions and low fees for users. The MATIC token is used to pay for staking or governance fees, for example, on the polygon network, or to buy and sell on crypto exchanges. Take a look at the most recent outlooks for crypto .