Connect with us
Active Currencies 14906
Market Cap $2,601,583,820,159.20
Bitcoin Share 51.61%
24h Market Cap Change $1.26

Polkadot [DOT] bulls confirm investors’ confidence- Here’s how

2min Read
Polkadot [DOT] bulls confirm investors' confidence- Here's how

Share this article

  • Polkadot crowns the list of top blockchain protocols by development activity.
  • DOT delivers a bullish week but is already exhibiting signs of a slowdown.

Polkadot’s native cryptocurrency DOT just concluded a bullish week during which it trailed the top cryptocurrencies. Despite that, its native network has not had much going for it this month.

How many are 1,10,100 DOTs worth today?

DOT exchanged hands at $6.45 at press time, a bit of a pullback from its weekly high. Nevertheless, the same price point represented a 20% premium from its weekly low or a 24% rally from its current 4-week low.

At press time, its price movement was in tandem with the likes of Bitcoin and Ethereum, but unlike them, DOT was yet to achieve a new YTD high.

DOT price action

Source: TradingView

The latest price pivot may not be exceptional but it is a notable positive step for the Polkadot network. The latter has been relatively overshadowed by other networks and major developments in the pipelines.

Speaking of development, the latest GitHub data ranked Polkadot as the top blockchain network in terms of development activity.

Polkadot has frequently been on the list and topped it multiple times so far this year. It highlighted a healthy confirmation that the network was still building after a few announcements related to protocol development.

At the time of writing, the development activity metric was at its highest point in the last two weeks. Similarly, DOT’s market cap surged back to its biweekly high. The last time it touched this mark was on 14 March.

Polkadot development activity and market cap

Source: Santiment

Realistic or not, here’s DOT market cap in BTC’s terms

Also on the development front, Polkadot just announced the availability of Smoldot 1.0.0. The latter is Polkadot’s light client which can connect to several networks.

The Smoldot light client is one of the projects that may underscore the aforementioned development activity. Nevertheless, it could be a small portion of the development project that currently underpins the robust development activity.

Are we likely to see more upside?

Well, DOT’s volatility declined significantly in the last two weeks. This may explain why it failed to rally to a new YTD high. Lower volatility may point towards limited price movement but it is worth noting that the volatility is starting to surge once again.

DOT weighted sentiment and volatility

Source: Santiment

The volatility surge points towards a higher likelihood of a bearish retracement. The fall of investors’ confidence in the last seven days as indicated by the weighted sentiment metric further backs the bearish bias.


Michael is a full-time journalist at AMBCrypto. He has 5 years of experience in finance and forex and more than two years as a writer in the crypto and blockchain segments. Michael's writing at AMBCrypto is primarily focused on cryptocurrency market news and technical analysis. His interests include motorcycles and exotic cars.
Read the best crypto stories of the day in less than 5 minutes
Subscribe to get it daily in your inbox.
Please check the format of your first name and/or email address.

Thank you for subscribing to Unhashed.