New Polygon upgrade set to outperform Bitcoin, analyst says

New Polygon upgrade set to outperform Bitcoin, analyst says

In a tweet sent last Friday, pseudonymous crypto analyst Pentoshi showed that the Ethereum layer-2 scaling solution Polygon might soon outdo Bitcoin thanks to an upcoming upgrade.

Polygon Labs announced on February 14 that its new zero-knowledge Ethereum virtual machine (zkEVM) is set to release next month. The technology was tested last year with massive success, demonstrating far better speed and security in Polygon’s scaling.

Pentoshi suggested that Polygon’s upcoming zkEVM is creating excitement for the sidechain. In their tweet, Pentoshi highlighted Polygon’s (MATIC) bullish rise in value despite the global crypto recession.

“Am I excited? Yes, it’s been a great week. I am turbo bullish on this though. Will there be corrections? Also yes, there always is. But this is a great chart, a great team, and a great catalyst. High probability setup,” they said in a follow-up tweet.

The analyst estimates that Polygon will reach its all-time high in around 10-14 days from zkEVM’s implementation.

Polygon’s zkEVM upgrade revolutionizes Ethereum transactions

According to Polygon’s announcement, its new zkEVM system is expected to stand out from the industry due to its speed and affordability.

The zkEVM is a device that creates and utilizes zero-knowledge proofs to improve transaction accuracy. Polygon plans to use it to address Ethereum’s slow processing and layer-2 scaling solutions’ inaccuracy by creating a faster, more accurate, and more secure way to process transactions.

Many crypto analysts asserted that the technology would remain uneconomical for the next few years due to the need for specialised compilers and languages. However, Polygon’s upcoming zkEVM promises to process massive transactions for only $0.06.

Polygon’s value rose to 3 per cent in the last week alone, closing in on a $1.35 price. The coming month promises to raise these prices further, as Pentoshi speculated the sidechain may push upwards to $1.50 after the upgrade.