Bitcoin crisis: Crypto plunges over bear market fears - Google-backed Polygon up 10,000%

Bitcoin has fallen 38% in May, from $57,858 to its current price of $35,868. Other major coins including ethereum and cardano have also fallen steeply amid chaos sparked by a Chinese crackdown and Elon Musk. One coin has bucked the trend, however, rising by nearly 10,000% since January. Polygon, formerly known as Matic, was worth $0.01 on January 1, it is now worth almost $2.

Polygon (MATIC) has gained 100 percent in the past seven days and outperformed every major cryptocurrency - sparking growing attention.

Billionaire entrepreneur Mark Cuban sent Polygon an undisclosed investment this week, throwing more of the spotlight on the upstart crypto.

The cryptocurrency has been integrated with Google BigQuery, allowing developers to analyse data on its blockchain in a more simple way.

The price of Polygon is up more than 9,535 percent since January 2021.

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Polygon co-founder Sandeep Nailwal told CoinDesk this week: "We have spoken to many investors but the discussion with Mark Cuban was truly mind-blowing."

This week the Polygon team Tweeted: "Mark Cuban is one of the most prolific and insightful investors with investments in top startups and he is also one of the Sharks on ABC Shark Tank.

"We're proud to share that Polygon is now part of the Mark Cuban company portfolio!"

The team behind Polygon said: "We implemented and offered Matic Plasma Chains, a production-ready Ethereum Layer2, predicates-based Plasma implementation.

"We implemented and offered Matic PoS Chain, a permissionless, EVM-compatible, PoS-secured Ethereum sidechain which relies on strong Ethereum security for validator staking and checkpoints.

"We onboarded 80 plus amazing applications, including Polymarket, Aavegotchi, Neon District, Skyweaver, Cometh, EasyFi with more being added every day."

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