• About Us
  • Privacy Policy
  • Contact Us
Subscribe
Lascena
Advertisement
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021LIVE
  • Videos
No Result
View All Result
Lascena
No Result
View All Result

Polkadot surges 67% in the past week—what’s behind DOT’s rally?

December 31, 2020
in Cryptocurrency
Reading Time: 3min read
Polkadot surges 67% in the past week—what’s behind DOT’s rally?


Polkadot (DOT) has increased by over 67% in the past week as the best-performing top 100 cryptocurrency in the last seven days.

There are two key reasons behind the immense rally of Polkadot. First, it broke out against Bitcoin, which likely led traders to increasingly accumulate DOT. Second, it is fundamentally improving as potentially the next major DeFi ecosystem.

Favorable technical structure and strong fundamentals

DeFi as a whole is growing rapidly. Major investment firms within the crypto sector anticipate the total value locked in DeFi to reach $100 billion by the end of 2021.

The term total value locked refers to the amount of money that is actively used on DeFi protocols. Hence, if the TVL reaches $100 billion, it would mean that over $100 billion worth of capital has been deployed to DeFi platforms.

Polkadot is essentially a super network of many small blockchains called parachains. As such, it can scale better and it has a higher capacity than other smart contract blockchain networks, like Ethereum.

If the DeFi sector continues to grow, there would be enough room for Polkadot, Cosmos, and other blockchains to compete against Ethereum.

Bobby Ong, the co-founder of CoinGecko, said the DeFi market would likely see apps launching on Serum and Polkadot in 2021.

However, he said that it is hard to imagine other blockchains “gaining a foothold,” which would be beneficial for Polkadot. He said:

“We will see existing DeFi apps launching on other Layer 1 platforms like Serum & Polkadot. Hard for me to imagine any other L1 platforms gaining a foothold. We will see a multi-chain Metamask-like wallet making it easier to connect to multiple blockchains.”

Ong also emphasized that DeFi derivatives platforms will become more popular. He added:

“DeFi derivatives will become more popular and will be driven by the large number of long tail coins not traded by CEX. Futures, perpetual swaps, options pricing on DEX will become as competitive as its centralized operators.”

Since Serum and Polkadot both focus on scalability, DeFi derivatives on these two protocols could become more compelling.

How is the price trend of Polkadot looking?

Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, said that Polkadot would likely be one of the strongest crypto assets next year.

The chart of DOT shows strong momentum and the trader said its bull run would likely push it towards $10. He said:

“Polkadot will probably be one of the strongest cryptocurrencies in 2021. Broke upwards and made an all-time high. This chart shows the levels to watch for potential dip opportunities before it continues its run towards $10.”

The price chart of Polkadot. Source: DOTUSD on TradingView.com, Michael van de Poppe

Following its breakout, DOT has continuously rallied, recording another 16% rally in the last 24 hours.

Polkadot, currently ranked #6 by market cap, is up 11.45% over the past 24 hours. DOT has a market cap of $7.29B with a 24 hour volume of $2.3B.

Polkadot Price Chart

DOTUSD Chart by TradingView

Like what you see? Subscribe for daily updates.





Source link

Facebook0
Twitter0
Linkedin0
Print0
E-mail0
Yahoo Mail0
GMail0
SMS0
Messenger0
Tags: DOTsPolkadotrallySurgesweekwhats
Next Post
Bitcoin Mining Machine Maker Ebang to Launch Crypto Exchange in 2021; Shares Rise

Bitcoin Mining Machine Maker Ebang to Launch Crypto Exchange in 2021; Shares Rise

Why ‘Black Friday’ Was The Best Thing To Happen Bitcoin In 2020

Why ‘Black Friday’ Was The Best Thing To Happen Bitcoin In 2020

Don't Miss

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls
Bitcoin

Bitcoin Support at $47K “Very Strong,” Glassnode CTO Asserts After Price Falls

by Lascena Cryptocurrency News Education
March 5, 2021
0

Bitcoin has an extreme potential to hold $47,000 as its support level, according to Rafael Schultze-Kraft, the co-founder/CTO of...

Read more
Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

Powell Comments Leaves Bitcoin Market Sour; Bearish Assault Ahead?

March 5, 2021
BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

BREAKING! TRUMP Pumps BITCOIN Over $10,000 as Protests Rage Across America – June 2020 Crypto News

March 5, 2021
Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

Ripple XRP “Watch in the Next 24 hrs, People Need To Know This!” Robert Kiyosaki

March 5, 2021
BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

BREAKING: The US JUST Made LARGEST Cryptocurrency Announcement in History!! | Cryptocurrency News

March 5, 2021

Lascena Cryptocurrency News Education

We have all the latest updated and legitimate information related to Blockchain, Cryptocurrency, latest market rates & trends, prices, new regulations along with every other thing that somehow related to crypto or digital currency market. Our main idea is to provide the kind of news that is original and at the same time, it can prove to be beneficial for our audience.

© 2020 lascena.ca

  • About Us
  • Privacy Policy
  • Contact Us
No Result
View All Result
  • Home
  • Bitcoin
  • Cryptocurrency
    • Altcoin
    • Litecoin
    • Ethereum
  • Blockchain
  • Regulation
  • Market
  • Prices 2021
  • Videos

© 2020 lascena.ca

  • bitcoinBitcoin(BTC)$47,527.00-3.80%
  • ethereumEthereum(ETH)$1,479.65-5.36%
  • tetherTether(USDT)$1.010.52%
  • cardanoCardano(ADA)$1.13-3.83%
  • Binance CoinBinance Coin(BNB)$222.99-6.69%
  • PolkadotPolkadot(DOT)$33.10-8.59%
  • rippleXRP(XRP)$0.4574261.39%
  • litecoinLitecoin(LTC)$174.44-6.08%
  • chainlinkChainlink(LINK)$26.60-8.64%
  • bitcoin-cashBitcoin Cash(BCH)$485.57-6.14%