Polkadot price is breaking records and is having one of its best days. The cryptocurrency has increased by more than 33% in the last 24 hours, increasing its market value to over $ 10 billion. This makes DOT the fifth largest cryptocurrency in the world, after Bitcoin, Ethereum, Tether and Ripple.

 

 

What’s going on?

Polkadot price is in a strong uptrend. Today it hits an all-time high of $ 11.7150, 65% higher than when it started the year. Compared to August last year, Polkadot has increased by more than 300%.

For starters, Polkadot is a network started by one of the founders of Ethereum. The network helps solve scale, security, and innovation problems in the blockchain industry. It does this by connecting private and public blockchains, as Chainlink does.

“Polkadot is a next generation blockchain protocol that brings together an entire network of purpose-built blockchains, allowing them to work together seamlessly on a large scale. Polkadot unlocks a wide variety of real-world use cases as it allows all types of data to be sent between all types of blockchains.

Like all digital currencies, Polkadot fell earlier this week as part of the overall crypto sale. It dropped to $ 7.16 on Monday and has recovered in the past few days.

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Other altcoins such as Chainlink, Monero, and Dash are also on the rise today. This helped raise the total market value of all digital currencies to over $ 1 trillion.

 

Polkadot price technical view

On the four-hour chart, we see that the Polkadot price is trending upwards. It managed to push above the previous resistance level of $ 10.54 overnight.

The Relative Strength Index (RSI) rose above 70, while the price rose above the 25-day and 15-day exponential moving averages. Therefore, the DOT / USD will likely continue to rise as the bulls target the next resistance level at $ 12.00.

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