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Polkadot Price: Is a 30% Price Pump Imminent?
Polkadot price has been among the best performers in the crypto market since the beginning of the new year. The DOT price has surged more than 75% in the year to date and 22% in the past week. At the time of writing, the altcoin was trading 1% higher at $7.508. DOT currently ranks as the 12th largest cryptocurrency, with a total market cap of $8.7 billion.
Fundamentals
Polkadot price has been on a strong rally for the past few days, recording a significant upswing in its price. One of the catalysts behind DOT’s rally is the recent bullish trend in the crypto market. According to Coinmarketcap, the total crypto market volume has increased to $1.13 trillion over the past 24 hours. The total crypto market volume has also spiked more than 65% over the last day.
DOT has also been rallying on the back of recent upgrades in its platform. Recently, Sony Network Communications launched a unique Web3 incubation program with Astar Network, designed to help in the development of top-tier web3 projects. Polkadot’s key role in the web3 project explains why the altcoin’s price edged higher after the announcement.
Additionally, Polkadot has improved its native staking protocol for users. The network has introduced on-chain pooling of staked DOT hence promoting native staking over third-party centralized platforms. The update enhances the decentralization of the DOT tokens, making it easier for users to access and control the tokens for staking.
Notably, the total time required to unstack DOT tokens, which are currently clocked at 28 days, has been downsized. In the past, many DOT holders were hesitant to lock their holdings due to the longer timescale. However, with the new upgrade by Kusama, users will be able to unstake within seven days. The upgrade has seen the Polkadot price increase.
Polkadot Price Analysis
Polkadot price has been hovering above the key support level of $6.85 for the past few days, pointing to a potential price pump. The daily chart shows that the DOT price has made significant price increases in the past 24 hours. The altcoin has remained above the 25-day, 50-day, and 100-day moving averages. Its Relative Strength Index (RSI) is inching higher but remains below the overbought zone.
Therefore, for the next few days, the bulls will be working to push the price past the key resistance level of $8.00. A breakout above the aforementioned level will have traders eyeing a 30% surge to $10. On the flip side, a move below the important support at $6.85 will invalidate the bullish thesis.
Bitcoin price has been hovering above its highest level since June 2022 over the past few hours. The largest cryptocurrency by market cap has jumped by 28.30% in the past week, while its year-to-date price inches higher to 70.63%. Bitcoin’s total market cap has increased by 4.77% over the last 24 hours to $547.7 billion, while the total volume of the coin traded rose by 50%.
BTC Skyrockets
Bitcoin price was rallying on Monday as most altcoins slumped, led by the largest altcoin by market cap, Ethereum. The global crypto market cap has increased 2.49% over the last day to $1.18 trillion, while the total crypto market volume jumped 34.88%. Bitcoin’s dominance inched 0.98% over the past 24 hours to 46.34%, its highest level since June 2022.
The recent global banking crisis in which three major banks in the US were closed within days has pushed the BTC price higher. Silvergate Capital, Signature Bank, and Silicon Valley Bank recently disclosed operational difficulties, prompting regulators to shut them down.
Switzerland’s largest banking institution, UBS, announced on Sunday that it had entered a merger deal with its embattled rival Credit Suisse. UBS announced that it would buy its rival for $3.25 billion, with Swiss regulators playing a key role in the ideal. According to the Swiss National Bank, the merger will secure financial stability and protect the Swiss economy.
Bitcoin reacted positively to the news, cruising…
Solana price joined in on the recent rally in the global cryptocurrency market, jumping nearly 17% in the past week. Solana has made substantial gains this year, climbing 102% in its year-to-date price. SOL ranks as the 11th largest cryptocurrency after Binance USD and ahead of Polkadot. Despite the altcoin’s recent rally, the total volume of the coin traded has continued to dwindle.
Fundamentals
Solana price was trading slightly higher on Friday as Bitcoin and other altcoins extended their rally despite the bank contagion fears weighing on the markets. Bitcoin and Ethereum have been leading the recent rally in the market, jumping more than 30% and 20% in the past week, respectively.
Investors have welcomed the resilient crypto prices amid the recent crisis in the banking sector this week. The week started with the collapse of Signature Bank and Silicon Valley Bank on Sunday until the focus shifted to Credit Suisse and First Republic Bank. Traders have been digesting the fate of Credit Suisse even after the bank said that it would borrow up to 50 billion Swiss Francs from the Swiss National Bank.
Several analysts have linked the recent rally in the crypto market to lingering bank worries. Even so, crypto prices are heavily influenced by inflation and the Federal Reserve interest rate hikes. According to analysts, the recent decline in banking stocks points to the vulnerability of traditional institutions, raising liquidity concerns…
Bitcoin price has been on a 4-day consecutive rally, jumping more than 29% since Friday when Silicon Valley Bank collapsed. Despite the tough year so far, BTC has been among the best-performing cryptocurrencies, jumping 57% in the year to date. At the time of writing, Bitcoin was trading 7% higher at $25,820.
BTC is Outperforming
Bitcoin price has been rallying in its recent trading sessions despite the collapse of the Silicon Valley Bank last week on Friday. The coin’s recent rally has been largely boosted by the current bullish momentum in the markets. Bitcoin’s coin market cap has increased by more than 7% in the past 24 hours, while the total volume of the coin traded slipped 8%.
Data by Coinmarketcap shows that the global crypto market cap has increased further by 5.19% to $1.13 trillion, while the total crypto market volume has decreased by 15.96% over the same period. Bitcoin’s dominance has increased by 0.83% over the last day to 44.24%.
The rally in the crypto market has been intricately linked to the recent US Consumer Price Index (CPI) data. The Bureau of Labor Statistics (BLS) reported a 0.4% increase in inflation in February from January, matching consensus estimates by analysts.
The CPI reading declined to 6% year on year, down from 6.4% in January, in line with market expectations. The core CPI, which excludes volatile food and energy prices, came in at…
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