• Bitcoin has surged past $20,000, and altcoins such as DOT (Polkadot) have been riding the broader crypto rally.
• According to Santiment, Polkadot has been seeing a strong development activity in recent days, adding to the already bullish momentum of the overall crypto market.
• The Consumer Price Index (CPI) dropped to 6.5%, which could lead to further bullish momentum for DOT in the coming weeks or months.
The past year has been an exciting one for the crypto market, with Bitcoin surging past $20,000, and other altcoins such as DOT (Polkadot) riding the broader crypto rally that started since the beginning of 2023. 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.
The surge in the crypto market is likely due to the positive Consumer Price Index (CPI) data that was released Thursday, which showed that the main components of the CPI went deflationary. This could be an indication that the market will continue the sharp rally that it started the year with.
Polkadot, as an ecosystem, has also been on a roll lately. According to Santiment, Polkadot has been seeing a strong development activity in recent days, adding to the already bullish momentum of the overall crypto market. The ecosystem has also reached over 1 million DOT in nomination pools, making staking on-chain more viable.
Polygon ranked 4th place in TVL with a 5% change in the past seven days, which 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%. This could lead to further bullish momentum for DOT in the coming weeks or months.
As the crypto market continues to show bullish signs, investors are optimistic that the rally is here to stay. With the promising developments on-chain and the improving macroeconomic conditions, Polkadot and other altcoins could continue to experience positive gains. It remains to be seen if the surge will continue, but investors are optimistic that this could be the start of a new crypto bull run.