With a current bullish cycle, the Polkadot ecosystem, currently valued at billions, offers promise for additional growth. On-chain data from subscan shows that DOT has 3.1 million accounts, with about 1.2 million users holding those accounts. Polkadot recently achieved a milestone not seen since May 2022: $10. After that, the platform maintained single-digit values for almost 20 months.
This month, the cryptocurrency saw a notable uptick in bullish activity as Bitcoin broke beyond $69,000. As Bitcoin crosses $60,000 for the first time in more than two years, the altcoin market is progressively starting to show signs of optimism. In order to enable safe communication between various blockchains at scale, layer zero blockchains have evolved; over the past several years, Polkadot’s (DOT) ecosystem has thrived in this space.
Polkadot (DOT) Poised for 50% Surge
Polkadot has been showing signs of improvement lately; over the past 30 days, the coin has increased in value by 54.79%. DOT’s medium-term trend has been positive; over the past three months, DOT has increased by 57.68%. DOT has a promising long-term outlook; as of right now, DOT is showing an 85.90% 1-year price change. Last year on this day, DOT was trading at $5.61.
According to leading on-chain analytics and price prediction company CoinCodex, PolkaDot may increase by an additional 50% this month. According to price projections, DOT may soon hit a new annual high of $15. DOT is expected to reach $15.57 in the middle of March. Therefore, if the prediction comes true, a $10,000 investment may become $15,000 this month.
On November 4, 2021, Polkadot’s price achieved its highest point ever, peaking at $54.98). As of this now, the DOT cycle high is $10.98, and the cycle low is $3.59. Recently, DOT has shown a lot of volatility; the coin’s 1-month volatility is 10.98. In the past 30 days, 22 green days were reported by Polkadot. This month, DOT is showing good volatility, which will give day traders plenty of opportunity to exit the market profitably. They have an opportunity to make strong returns because the day’s highs and lows are both greater than $2.