Polkadot Market Cap over USD 5 billion
While the Bitcoin struggles with all effort for the support area at 11400 USD, the Polkadot Coin is drawing attention after the listing on the first major crypto exchanges. According to coingeko.com the block chain transmitter with a market cap of approx. 5 billion USD is currently already ranked 6th in the crypto charts. At the same time, most Altcoins are experiencing the next setback on Wednesday. We take a look at the current market situation.
What is Polkadot?
Polkadot has been considered a promising project with an interesting roadmap in the crypto community for years. It follows a heterogeneous network of several block chains, a kind of transmitter between competing projects. In an impressive ICO, Gavin Wood’s team was able to collect half a million ETH tokens in 2017. Barely three years later, the coin can be traded on the first Major Exchanges and the course shoots south in a rush.
Polkadot course current
Following a re-nomination of the DOT tokens, which was accompanied by a 1:100 split, Polkadot’s share price currently knows no bounds. Polkadot is currently quoted at USD 5.59 (+ 16.9%), which puts the interoperability coin at position 6 in the crypto charts. With a market cap of around USD 5 billion, even Bitcoin Cash is now within striking distance.
What does Bitcoin do?
At the time of this article, the No.1 crypto currency is trading at a rate of 11344 USD, which corresponds to a daily loss of 1.32%. After rebounding at the 11800 USD mark, the support line now also threatens to collapse at 11400 USD. According to this, there would be only a few rescue lines left to prevent a fall to the USD 11000 mark. In the morning hours, the market leader already dumped to a new 7-day low of 11100 USD. The fight for support at 11400 USD could turn out to be a trend-setting event. On Wednesday, the bears are exerting a pressure that the BTC has not been confronted with for some time.
What are the Altcoins doing?
While Polkadot and Aave (+16.16%) are able to continue their performance from the previous days, most of the Altcoins have to record losses on Wednesday as well. Ethereum (current price: 382 USD) has to say goodbye to the 400 USD mark for the time being after a daily minus of 1.78 %, while LINK (- 1.42%) falls back to position 7 on the crypto charts. Further down the line, it is mainly coins such as Cardano (- 4.60 %), Tezos (- 4.25 %) and EOS (- 5.35 %) that are affected. Currently, the Bitcoin Dominance Index is at 59.2%.