The crypto market has opened the new month on a bearish note as the overall market is flashing red, led by Bitcoin and Ethereum. In addition, the global crypto market cap has plunged by 0.61% and is positioned at $19,304.
However, it would be incorrect to say that all the assets are trading downward. Amidst this negativity, the eleventh largest cryptocurrency by market cap, Polkadot (DOT), has outperformed Ethereum (ETH) and Cardano (ADA) in terms of highest developer activity.
Ethereum and Cardano had one of the much-awaited upgrades last month, but they failed to add up too many events. Ethereum stands at third position with just 400 GitHub events and Cardano with 455 GitHub events. Meanwhile, Polkadot has witnessed 522 GitHub events to its credit in September 2022.
What’s Behind The Surge In Polkadot Developer Activity?
There are two main reasons why Polkadot is experiencing such increased developer activity.
The first is a new network upgrade introduced on September 7 to reschedule Polkadot’s Runtime to v9270. The second event occurred on September 13; the new DeFi product, also known as vDOT, was introduced.
Polkadot’s DOT started the month of September at $7.03 before dropping to a low of $6.82 on September 7. Then, the currency regained the positive move in five days to hit a high of $7.99. At the time of writing, Polkadot is selling at $6.32, with a drop of 3.02% over the last 24hrs.
However, this momentum couldn’t hold on for long as the currency started its downward journey with decreasing buying pressure. This impacted the DOT’s Relative Strength Index (RSI), Chaikin Money Flow (MCF), and Money Flow Index (MFI). Currently, the RSI is marked below 50 and positioned at 42, and CMF is at -0.11, whereas MFI is stationed at 49.
Considering Polkadot’s circulating market capitalization, it is currently trading at $7.08 billion, with a plunge of 2.81% over the last 24hrs.
As September ended on a bearish note, Polkadot is expected to bottom in October as there are speculations that the currency has completed the triangle pattern. If the predictions are correct, then DOT could even drop all the way to $3.
Was this writing helpful?