Polymath Increases by 144% before Declining by 34% in a Short Amount of Time

On Wednesday in the late afternoon UTC, the price of Polymath (POLY) more than doubled before it quickly lost most of its gains.

POLY was being traded at USD 0.259 at of 13:20 UTC. The token has increased dramatically over the last 24 hours by 43% and over the last week by 35%.

According to CoinMarketCap, the coin is now ranked 125th by market capitalization.

When POLY first crossed USD 0.2 on Thursday in the afternoon UTC, the rapid and sharp rise got underway. After 5 PM UTC, the token continued to strongly break through that barrier, climbing as high as USD 0.485 before the price once more dropped.

The POLY strong surge and then decline occurred as the cryptocurrency market's mood improved during the past 24 hours. Bitcoin (BTC), which broke over a significant resistance level, and alternative coins like Cosmos (ATOM), OKB, and Ravencoin were among the coins that surged (RVN).

According to tweets from the crypto community, many people were caught off guard by the protest. However, the Polymath team has not made any significant news announcements that could provide an explanation for the rally.

One well-known cryptocurrency Twitter user who styles himself as a professional trader acknowledged that the rally was "barely" expected. Others, on the other hand, appeared to have seen the move coming, and one trader warned his followers to act before the price increase took place.

Reddit users also talked about the unexpected rally there, with many of them speculating as to what was going on with the cryptocurrency.

One user responded, "For someone that has a significant stake this is good but wow have the previous 2 years been cruel," another stated he was hoping this wasn't a pump-and-dump scheme.

In order to digitize physical assets, Polymath describes itself as an institutional-grade blockchain platform.