💎 Fed’s first rate cut since 2020 set to trigger market. Find undervalued gems with Fair ValueSee Undervalued Stocks

DOT rallies 12% in a day as Polkadot gears up to solve a major blockchain hacking problem

Published 05/05/2022, 07:28 AM
Updated 05/05/2022, 09:00 AM
DOT rallies 12% in a day as Polkadot gears up to solve a major blockchain hacking problem
BTC/USD
-
DOT/USD
-
pDOTn/USD
-

Polkadot (DOT) price ticked higher in the past 24 hours on anticipations that its new cross-chain communications protocol would solve a long-standing problem in the blockchain sector.

Bulls pushed DOT's price to $16.44 on May 5 from $14.72 a day before, gaining a little over 12% as they assessed the launch of XCM, a messaging system that allows parachains — individual blockchains that operate in parallel inside the Polkadot ecosystem — to communicate with each other.

DOT/USD daily price chart. Source: TradingView
DOT/USD and BTC/USD correlation coefficient. Source: TradingView
BTC/USD daily price chart. Source: TradingView
DOT/USD daily price chart featuring H&S setup. Source: TradingView

Continue Reading on Coin Telegraph

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.