Buy
Sell
Name Symbol Market Market Cap ($) Algorithm
Polkadot DOTUSD Crypto 6,408,049,628 Not Mineable
  Price Change Price Change % Current Price Bid Price Offer
  0.050 0.92% 5.46 5.46 5.46
High Price Low Price Open Price Prev. Close 52 Week Range
5.48 5.34 5.40 5.41 4.99 - 36.85
Exchange Last Trade Size Trade Price Currency
GDAX 08:27:14 73.21 5.46 USD
Price x Volume Volume Base Symbol Related Pairs
1,734,903.17 319,598.35 DOT DOTEUR DOTGBP DOTBTC

Polkadot Sets Sight On $9 As It Claims The 10th Spot On Crypto Top 10

05/08/2022 6:00pm

NEWSBTC


Polkadot has been one of the breakout stars of 2022. The cryptocurrency has managed to thrive in a market where most digital assets are taking a beating and losing value rapidly. With its breach of $8, the cryptocurrency has taken another step as it cements its position as one of the largest contenders in the space, dethroning the beloved Dogecoin in the process. Polkadot Takes 10th Place Meme coin Dogecoin has been able to maintain its position in the crypto top 10 by market cap over the last couple of weeks. However, this changed this week with the recent Polkadot rally. The digital asset had more than 7% in the last seven days to bring its trading price higher than $8.5, and this pushed its already impressive market cap over the $9.4 billion mark. Related Reading: Here’s What Bitcoin Institutional Inflows Says About The Month Of July The result of this was that the market cap of DOT surpassed that of Dogecoin. Polkadot is now ranked as the 10th largest cryptocurrency by market cap, but that’s not all. Even as the market is recording a retracement, DOT remains one of the only cryptocurrencies to mark green over the last 24 hours and one-week timeframe. At the time of writing, DOT is currently trading at $8.52 with a 24-hour recovery of 6.15%. It’s interesting that the digital asset is trading this high, given that its trading volume is actually down. With $427 million in trading volume over the last day, it is down more than 8% in this regard. DOT trending at $8.3 | Source: DOTUSD on TradingView.com As a general rule, Polkadot looks to be following the recovery trend of Ethereum. This breakout in the largest decentralized finance (DeFi) network had spread to other networks, causing them to see the largest recovery during this time. DOT Eyes $9 The recovery in the price of Polkadot has set it on an incredibly bullish path. It has now hit important technical levels, which propose that the recent rally may still have some steam in it. Most prominent of this has been the digital asset’s climb above its 50-day moving average of $7.4. Related Reading: Bitcoin Miner Revenues Continue To Grow, Will This Put A Stop To The Sell-Offs? Since investors are willing to buy the cryptocurrency at higher prices, the buying pressure is mounting, especially as sellers experience fatigue during this time. Additionally, with the recent high rates of inflation, more investors are moving into the decentralized finance market in a bid to find suitable hedge for wealth. DOT also has some free range to grow, given that the next significant resistance point lies at $9. This price point is incredibly attractive for bulls as it puts DOT on a platform to contend for 9th place with DeFi competitor Solana. Featured image from Phemex, chart from TradingView.com Follow Best Owie on Twitter for market insights, updates, and the occasional funny tweet…

1 Year Polkadot Chart

1 Year Polkadot Chart

1 Month Polkadot Chart

1 Month Polkadot Chart
Your Recent History
COIN
DOTUSD
Polkadot
Register now to watch these stocks streaming on the ADVFN Monitor.

Monitor lets you view up to 110 of your favourite stocks at once and is completely free to use.

Log in to ADVFN
Register Now

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V:gb D:20221202 08:27:27