Wed. 1 Dec 2021, 2:56pm ETBenzinga
In: Cryptocurrency, Markets, Movers, Trading Ideas

Cryptocurrencies have been seeing lackluster sentiment ever since they hit highs in early November. After bottoming last Friday amid the omicron variant scare, a recovery has been in the works in the cryptoverse.

What Happened: Even as Bitcoin (CRYPTO: BTC) and other major altcoins are finding it tough to remain afloat, Polygon (CRYPTO: MATIC) is seeing strong gains on Wednesday. At one point in the day, MATIC rallied a little over 17% to $2.0927 before giving up some of the gains.

On a seven-day trailing basis, the crypto has gained over 19%. Polygon, with a market cap of $14 billion, is currently ranked 17th in terms of valuation, according to CoinMarketCap.

Related Link: How to Buy Polygon (MATIC)

The gain is attributable to crypto exchange-traded product issuer 21Shares listing Europe's first product linked to the performance of polygon on the Euronext exchanges in Paris and Amsterdam.

Polygon-linked ETP is also already listed on the SIX Swiss Exchange.

Polygon is a protocol and a framework for building and connecting Ethereum-compatible blockchain networks. It helps overcome the drawbacks associated with Blockchains such as high gas fees and slow speeds, without sacrificing on security.

Solana, Terra, Also Make Waves: Among the other biggest gainers were Solana (CRYPTO: SOL), Terra (CRYPTO: LUNA), (CRYPTO: CRO) and Algorand (CRYPTO: ALGO).

Bitcoin, which touched a near-term low of $53,576.73 on Nov. 28, has recovered since, and it has seen a peak-trough decline of over 22% from the all-time high of $68,789.63 reached on Nov. 10. Despite coming off the trough, the most valued crypto has not made much headway and is seen trading in a rangebound manner.

Ethereum (CRYPTO: ETH), the second-most valued crypto, is also on slippery grounds.

At last check, Polygon was seen up 10.14% at $2.0129.

Related Link: What Does Bitcoin's Historical December Performance Tell About Its Potential Year-end Price?