Polkadot has a superior chance over its competitors
Polkadot (DOT), a leading blockchain project based on parachain technology, is on the verge of a potential breakthrough that could help this project surpass competitors like Ethereum (ETH), Solana (SOL), and Cardano (ADA) by 2025.
Recent performance of DOT
According to data from CoinMarketCap, DOT has seen a significant decline in recent days. In the past 24 hours, it has lost 5.12% of its value and is now trading at $3.95. Over the past week, it has dropped by 3.92%, over the past 30 days, it has decreased by 6.18%, and is currently down 92.82% from its all-time high of $55 during the 2021 bull market. DOT's market capitalization has sharply declined to $5.98 billion from a peak of $53 billion. The trading volume of DOT is currently $161.6 million, marking a 26.58% increase in the past 24 hours. Since October of last year, DOT has recorded a decrease of 10.57%, making it one of the weakest blue-chip tokens in this cycle.
Compare with other cryptocurrencies
Ethereum (ETH) has decreased by 5.29% to $2,508, marking a 48.79% drop from its all-time high of $4,891.70, despite having increased by 38.48% since October 2023. Cardano (ADA) is trading at $0.3409, reflecting a decrease of 4.58% and a drop of 89.01% from its all-time high of $3.10. ADA has only increased by 18.10% since October 2023. Solana (SOL) is currently priced at $166.75, marking a 4.76% decrease in the past 24 hours and a drop of 35.88% from its all-time high of $260.06. However, over the past year, SOL has surged by 336.11%, making it one of the best-performing blue-chip cryptocurrencies.
Polkadot 2.0: A potential growth catalyst
Polkadot has the potential to outperform its competitors thanks to the upcoming launch of Polkadot 2.0. This upgrade will introduce deflationary pressure on the ecosystem through a coretime mechanism that will burn DOT, which could help support price increases.
Source: TradingView
Price analysis of DOT and future developments
Price analysis shows that DOT, the 16th largest digital asset by market capitalization, is still far from the capital it attracted during the spike in 2021 to cope with the parachain frenzy. The Relative Strength Index (#RSI) is currently at 39.95, indicating that buyers have lost control of DOT's price action. If buying volume does not increase, there is a risk of further price declines. Additionally, the downward trend suggests that if buying volume remains low, the price is likely to decrease further.
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