Bitcoin is down 2.3%, Ethereum is down about 4% and Cardano is down 4.5%, at the time of writing, while Solana is down more than 11% on the daily chart.
However, it is among the top ten coins in the market, dotted It doesn’t seem to work too bad though. Ergo, the question – what is delaying the price of the DOT and is there hope for a full recovery?
Although the larger market was driven by Bitcoin momentum during this rally, some cryptocurrencies such as Cardano, Solana, and Polkadot were able to highlight their separate tracks independently of the larger market.
Although the brunt of the recent flash crash has been borne by almost all coins, the likes of DOT have been recovering somewhat despite the corrections. However, alt performance was not fueled in isolation. It has been supported by multiple developmental and social factors.
Cooperation is the way to go
In the crypto space, a highly competitive market, collaboration and development are key to growth and many ecosystems have taken advantage of this recently. Polkadot is also very active on this front. At the time of writing, it was PolkaBridge News, a fully integrated decentralized financial application platform that integrates with a full Polygon scaling solution, was one example of the same.
Moreover, their price hike can also be attributed to the Polkadot Hackathon which started on September 8th. In addition, a proposal seeking funding for Treasury suggestion It was recently accredited to the Polkadot Institute for Environmental Research. This would pave the way for further development-centric updates in the future.
DOT price, after a quick crash, started rising on September 8 and saw a nearly 40% rally over the next two days from the local low of $22 on September 7. Notably, the sixth Parachin auction lasted until September 8, after which the price started pumping.
The expected launch of parachains and Layer 1 blockchains paralleling the Polkadot and Kusama networks also contributed to the rise of the DOT.
What do the metrics say?
On-chain activity at the DOT has been booming mostly due to ecosystem-centric updates and large social volumes due to the recent parachine auction. Polkadot metrics presented a healthy picture of the suit as DOT development activity saw steady growth. The high development activity was supported by the retail crowd, with the same support from the high volumes of Polkadot.
according to lark davis, “Parachin, when it is announced, you will likely send it [DOT] to $100.” While that seems like a pretty far jump, given the current price trajectory of DOT, It won’t be a surprise If this happens in the long run.
Finally, after the recent price drop, the open interest of cryptocurrencies has gradually increased over time – a healthy sign of growth. Thus, it looks like Polkadot will stay for a while. In addition, a broader market recovery may push the price of the alternative.
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