Polkadot skyrockets nearly 30% to $10 billion market cap: What’s behind the rally?

Polkadot skyrockets nearly 30% to $10 billion market cap: What’s behind the rally?


The price of DOT, the native cryptocurrency of Polkadot, surged 24% on the day to achieve a $10 billion valuation.

Polkadot (DOT), the second-largest smart contract protocol in the cryptocurrency market by valuation behind Ethereum, is up nearly 30% in the last 24 hours. Polkadot’s market capitalization has also surpassed $10 billion, solidifying its position as the fifth-biggest crypto asset.

There are several major reasons behind DOT’s strong uptrend: strong technical market structure, anticipation of scalable blockchain networks, and the craze around DeFi.

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DOT/USDT daily price candle chart (Binance). Source: TradingView.comStrong technical market structure and rising sentiment

In December 2021, DOT reached a new all-time high, rising to around $11. Since that period, it has continued to see strong momentum and strong recoveries at key support areas.

On Jan. 13, Michael van de Poppe, a full-time trader at the Amsterdam Stock Exchange, pinpointed DOT’s resilience.

He said that if DOT drops to key support areas, e.g. $7.5, it would likely see

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