The crypto market is currently sloping downward, causing depression among investors who exhibit bearish patterns. In the last week, the price of the mainstream cryptocurrencies has also slid downward, with Bitcoin down 9.33 percent, Ethereum down 12.58 percent, and Cardano down 9.71 percent.
On the other hand, among the market’s top cryptocurrencies, some altcoins have outperformed. Polkadot (DOT) is one such coin that did not follow the chart of leading cryptos, but it does not appear to be doing too badly in the price chart. The main question for investors is whether there is any hope for Polkadot’s full recovery.
Significantly, some cryptocurrencies, such as Cardano, Solana, and Polkadot, did not follow Bitcoin during this market decline. These tokens were highlighted as among the market’s top cryptocurrencies. Furthermore, DOT has the potential to reach $50, and with its ongoing advancements, it may do so soon.
Polkadot Ecosystem Developments
Collaborations, updates, and developments in the ecosystem are, in fact, critical components for the growth of any network. Polkadot, on the other hand, actively seeks attention in this area as the network seeks to generate more updates for its users.
PolkaBridge, for example, is a decentralized all-in-one financial application platform that works with Polygon’s full-stack scaling solution. Polkadot’s hackathon, which began on September 8, could also be a factor in the price increase. Following the hackathon event on the 8th, DOT announced a 40% price increase within the next few days.
Significantly, the price of DOT increased in two days from $22 on the 7th to $32.10. The introduction of parachains, layer-1 blockchains that are already set to run alongside Polkadot and Kusama Networks, has also contributed to DOT’s growth.
DOT’s on-chain operating activities have increased significantly, owing primarily to the recent Parachain auction, ecosystem-centric updates, and high social volumes. The metric for DOT displays a positive chart as developments in the DOT’s network increase steadily.
However, given the changes in the ecosystem, healthy growth will help to reach new highs. As a result, Polkadot will likely remain in an uptrend for some time, potentially pushing other altcoins higher.