JAKARTA – The price of the crypto asset Polkadot fell due to a crash a few days ago. However, now the price of DOT is starting to get fresh again. The recent rally in the crypto market price was shown by a number of coins that had a quite good performance, namely Polkadot (DOT), Ethereum Classic (ETC), Ripple (XRP), Dogecoin (DOGE), and Binance Coin (BNB).
Today Polkadot began to strengthen and traded at the level of Rp190 thousand. Previously, on Wednesday, July 23, DOT dropped to Rp158 thousand from Rp255 thousand before the market crash. Data from CoinMarketCap shows that DOT is in 9th position by market capitalization, worth Rp186 trillion. This places Polkadot below Dogecoin and Ripple.
The rebound in Polkadot prices is part of the cryptocurrency price rally after experiencing a decline due to negative sentiment from China which prohibits institutions and institutions from trading crypto assets. The ban was conveyed by China's central bank, the People's Bank of China (PBoC).
The freshness of the crypto market proves the level of fear of investors has subsided. In recent days traders and investors have re-entered the market.
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In addition, the increase in the price of Polkadot was due to the rebound of Bitcoin (BTC). Bitcoin itself began to slowly rise from 30,000 US dollars (equivalent to Rp435 million) to a price of 32,000 US dollars (around Rp470 million).
This increase was also triggered by an event titled “The BWord” which was filled with pro-Bitcoin tech tycoons such as Twitter boss Jack Dorsey, and Tesla boss Elon Musk. The two discussed the development of Bitcoin today. Elon Musk also revealed that he plans to reopen Tesla's electric car purchases with Bitcoin.
According to an InvestingCube report, a recent parachain auction also helped raise DOT prices. For information, parachain is the last part of Polkadot's main ecosystem function. Parachain enables the network to realize a multi-chain architecture. The auction has caught the interest of Polkadot Network.
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