An under-the-radar altcoin built on Ethereum (ETH) is defying the correction in the broader crypto markets after surging about 55% this week.
Polymath (POLY) rallied from a weekly low of $0.176 to a high of $0.272 to dramatically outpace the crypto markets at large.
POLY has given up some of its gains after posting its seven-day high yesterday and is trading at $0.231 at time of writing, down nearly 11% in the last 24 hours.
Polymath aims to provide clients with technology to create, issue, and manage unique security tokens on their blockchain. POLY tokens fuel Polymath blockchain transactions and are used to pay for token creation, compliance checks and network maintenance.
Recently, Polymath became a member of the Canadian Association of Alternative Strategies & Assets (CAASA), an organization that bills itself as Canada’s largest association representing the alternative investment industry. The organization has about 400 members including projects in the crypto space.
POLY also witnessed surging trading volume recently, with CoinGecko reporting that the altcoin registered more than $14.1 million in volume on Friday, a 26.2% increase from Thursday.
Even with today’s correction, Polymath remains up more than 50% since the start of the year. Despite its gains this week and throughout 2023, the POLY token is more than 85% down from its all-time high of $1.59, which it hit all the way back in February 2018.
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