A Major Leap from a Long-Established Altcoin, Reaching the Top! Here Are the Three Main Reasons for the Rise!
Bitcoin and altcoins have seen a significant rebound in the last 24 hours after experiencing a recent wave of decline.
Bitcoin (BTC) is once again approaching the $70,000 mark, while Ethereum (ETH) has surpassed $2,000.
While other altcoins also saw significant gains, one altcoin stood out with its surge.
Polkadot (DOT) Reaches the Top with its Rise!
Accordingly, Polkadot (DOT), one of the established altcoins, topped the list of altcoins with the highest increase.
According to CoinMarketCap data, Polakdot has made headlines with a 25% increase in the last 24 hours.
One analyst analyzed the reasons for the rise in DOT and attributed the increase to the halving, spot ETF expectations, and technical factors.
Bitcoin investor and analyst Lark Davis attributed Polkadot’s (DOT) 41% surge yesterday to a variety of factors, including the upcoming halving, potential spot ETF applications, and bullish technical formations.
Davis pointed to the halving as the first factor. He noted that Polkadot is scheduled to halve on March 14th, reducing its annual supply by more than 50% and shifting the token to a deflationary model. According to the analyst, the scarcity narrative is fueling strong bullish expectations.
Secondly, pointing to ETF applications, the analyst said that potential Polkadot ETFs that could be launched by institutions like Grayscale and 21Shares have increased investor expectations. This, in turn, supports the bullish sentiment.
Thirdly, the analyst pointed to bullish technical breakouts on the DOT chart. Technically, the analyst noted that DOT had broken above its 20-day moving average and the resistance level around $1.40 on the daily chart. He added that the support at $1.23 may have attracted trend-following buyers.
Polkadot surged from $1.23 to $1.74 yesterday. After a slight pullback, DOT continues to trade at $1.61 according to CoinMarketCap data.
*This is not investment advice.
Continue Reading: A Major Leap from a Long-Established Altcoin, Reaching the Top! Here Are the Three Main Reasons for the Rise!
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