Polygon’s (MATIC) price has surged to $0.84, reaching a level last seen in July. This increase comes as the overall cryptocurrency market cap hits $1.4 trillion, with a 24-hour trading volume of $77 billion. Bitcoin (BTC) has also experienced a climb, surpassing $36,800, driven by optimism surrounding the ecosystem. Analysts are optimistic about BTC, citing potential catalysts such as the approval of a spot Bitcoin ETF and the BTC block reward halving in 2024. Additionally, continued whale accumulation has contributed to the upward sentiment for MATIC. Polygon whales holding between 100k and 10 million MATIC have acquired an additional 42.88 million tokens since October 24. This trend aligns with the rising price of MATIC, and if it continues, the token could potentially rally to year-to-date highs of $1.54. The token’s all-time high of $2.92 was reached in December 2021. With these developments, the altcoin market continues to thrive, and Polygon has seen a steady rise, increasing its market cap by 54% in just three weeks.