Polkadot Becomes Tenth-Largest Cryptocurrency Amid Growing Demand

Azeez Mustapha


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As the cryptocurrency market picks up notable bullish steam this week, Polkadot (DOT) has overthrown Dogecoin (DOGE) as the tenth-largest cryptocurrency based on size, on CoinMarketCap.

According to the crypto aggregator website, Polkadot has jumped by over 10% in the last 24 hours, bringing it to its highest point of 9.382 since early June. The cryptocurrency also boasts a market capitalization of $10.34 billion, compared to Dogecoin’s $9.39 billion valuation.

This comes even after Dogecoin got the C-library update, which could boost DOGE’s utility on different platforms without any hassle. As explained by the lead core developer Michi Lumin, “It will enable the direct integration of dogecoin into many different platforms in a lightweight manner, without developers having to procure deep blockchain experience.”

Analysts suspect that the price rise could be a result of the growing utilization of Polkadot, considering that the blockchain is astutely focused on improving interoperability between different blockchains. The DOT blockchain adopts a unique parachain technology that allows independent chains to develop direct connections without the need for a third period.

As you would imagine, such functionality is in high demand among crypto developers. Polkadot launched a parachain last Friday, which could explain the aggressive bullish start to the week.

Additionally, with DOT community members calling for more upgrades to the blockchain, Polkadot could develop better interoperability functionalities, further boosting adoption and price.

Key Polkadot Levels to Watch — August 8

Following a prolonged choppy pattern between $8.00 and $6.00 through June and most of July, Polkadot has finally recorded an upward breach, as the interoperability-focused cryptocurrency aims for the $10.00 price point.

DOTUSD – 4-Hour Chart on Kraken. Source: TradingView.

While the price has entered the oversold region on my stochastic oscillator, this week is expected to be notably bullish for the crypto market. Regardless, any bearish attempts from this point are unlikely to get beyond the $8.50 mark.

Meanwhile, my resistance levels are $10.00, $11.00, and $12.00, and my support levels are $8.00, $7.00, and $6.00.

Total Market Capitalization: $1.14 trillion

Polkadot Market Capitalization: $10.3 billion

Polkadot Dominance: 0.9%

Market Rank: #10


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Azeez Mustapha

Azeez Mustapha is a trading professional, currency analyst, signals strategist, and funds manager with over ten years of experience within the financial field. As a blogger and finance author, he helps investors understand complex financial concepts, improve their investing skills, and learn how to manage their money.

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