The crypto market is currently sloping down and results in depression for investors displaying bearish patterns. The mainstream cryptocurrencies have also sloped down in price value where Bitcoin is 9.33% down, Ethereum is 12.58% down, and Cardano is 9.71% down in the past week.
On the other hand, among the top cryptocurrencies in the market, some altcoins have performed out of the box. One such coin which didn’t follow the chart of leading cryptos is Polkadot (DOT), it doesn’t seem too bad in the price chart. The major question which arises for investors would be – Is there hope for full recovery of Polkadot?
Significantly, some cryptos like Cardano, Solana, and Polkadot did not follow the suit of Bitcoin during this market decline. These tokens were highlighted among the top cryptocurrencies in the market. Besides, DOT has the potential to reach $50, so with its on-going advancements, it may reach $50 level soon.
Developments In Polkadot Ecosystem
As a matter of fact, collaborations, updates, developments in the ecosystem are the key-component for the growth of every network. Whereas, Polkadot actively grabs attention in this area as the network aims to generate more updates for its users.
For instance, PolkaBridge, a decentralized all-in-one financial application platform that integrates with Polygon’s full-stack scaling solution. Additionally, Polkadot’s hackathon which began on September 8 might also be a reason for the price upsurge. Following the hackathon event on the 8th, DOT presented a 40% hike in price within the next couple of days.
Significantly, the price of Polkadot (DOT) surged from $22 on the 7th to $32.10 in two days. The launch of parachains, layer-1 blockchains which are already set to run alongside Polkadot and Kusama Networks, has also aided DOT’s upsurge.
DOT’s on-chain operating activities have boomed mainly due to the recent Parachain auction due to ecosystem-centric updates and high social volumes. As the developments in the DOT’s network are increasing steadily, the metric for DOT displays a positive chart.
However, considering the updates in the ecosystem, healthy growth will assist to reach highs. Thus, Polkadot will stay up towards an uptrend for a while, and this could push other altcoins to move further.
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