Polkadot was one of the biggest stars in 2022. In a digital market that is losing its value quickly, the cryptocurrency has been able to prosper. This cryptocurrency is now one step further in its quest to be the biggest player in the market, surpassing Dogecoin.
Polkadot Takes 10th Place
Over the past few weeks, Meme coin Dogecoin managed to keep its place in the top 10 crypto markets by market capital. This week, however, things changed with the Polkadot rally. This digital asset saw a rise of more than 7 percent in its trading prices over seven days, bringing it above $8.5 and boosting its market capital to $9.4billion.
This resulted in DOT’s market capital surpassing Dogecoin. Polkadot is now ranked as the 10th largest cryptocurrency by market cap, but that’s not all. Despite seeing a retracement in market capitalization, DOT still ranks as one of the few cryptocurrencies that has seen its value increase over the last 24-hours and one-week.
DOT currently trades at $8.52 and has a 24 hour recovery rate of 6.15%. It’s interesting that the digital asset is trading this high, given that its trading volume is actually down. This digital asset is trading lower than 8% with $427 Million in volume in the past day.
Source: TradingView.com DOTUSD| Source: DOTUSD on TradingView.com
Polkadot seems to be following Ethereum’s recovery trend as a rule. The breakout of the largest Decentralized Finance (DeFi), network led to the spread of the phenomenon to other networks. This caused them to experience the greatest recovery.
Eyes of the DOT $9
It has been on a very bullish trajectory due to the recovery of Polkadot’s price. The recent rally has reached important technical levels that suggest it may still be able to move. Most prominent of this has been the digital asset’s climb above its 50-day moving average of $7.4.
Investors are more willing to purchase cryptocurrency at higher prices than sellers, which is causing a lot of selling fatigue. In addition, investors have been attempting to hedge their wealth by investing in decentralized financial markets due to the high inflation rates.
DOT still has some growth potential, with the nearest significant resistance at $9. Bulls find this price point extremely attractive as it places DOT in a position to compete for ninth place with DeFi competitor Solana.
Featured Image from Phemex. Chart from TradingView.com
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