– Bitcoin has surged past $20,000, leading altcoins like DOT (Polkadot) to rally in the broader crypto market.
– Polkadot has seen strong development activity recently, with over 1 million DOT in nomination pools.
– Positive CPI data released Thursday has added to the bullish momentum of the market, with Polygon ranking 4th place in TVL with a 5% change in the past seven days.
The crypto market has been on a wild ride lately, with Bitcoin surging past $20,000 and leading the way for altcoins like DOT (Polkadot). According to CoinGecko, the token is trading at $5.94, and has risen by more than 12% in the past 24 hours and 33% in the weekly. This was caused by market optimism caused by positive Consumer Price Index (CPI) data that was released Thursday. With the main components of the CPI going deflationary, the market may continue the sharp rally that it started the year with.
Polkadot has been riding the wave of the current crypto market rally. According to Santiment, Polkadot has been seeing a strong development activity in recent days, adding on to the already bullish momentum of the overall crypto market. Polkadot also reached over 1 million DOT in nomination pools, making staking on-chain more viable.
Polygon was another big winner in the past week. Crypto.com released a post regarding the current market, noting that Polygon ranked 4th place in TVL with a 5% change in the past seven days. This can be associated with the recent developments on-chain and the recent crypto market rally. Accompanying these are the improving macroeconomic trends. With the CPI dropping to 6.5%, DOT can continue its momentous climb in the next few weeks or months if the momentum continues.
Overall, the crypto market is in a state of optimism due to the positive macroeconomic data, which has led to a rally in Bitcoin and other altcoins. Polkadot has seen a surge of development activity, with its nomination pools reaching over 1 million DOT. This has led to Polygon being a big winner in the past week, ranking 4th in TVL with a 5% change in the past seven days. With a deflationary CPI, the market may continue the sharp rally that it started the year with, and Polkadot and Polygon are likely to benefit from this.