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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
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DOT/USD
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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

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