After more than a year of dormancy, and even enduring what enthusiasts have called the ‘crypto winter,’ the crypto currency market has once again become active. This resurgence follows a series of victories in late 2023 and early 2024, creating anticipation for major developments in the coming months.
Spot Bitcoin ETFs and the Ripple-SEC Battle
In the final months of the previous year, Bitcoin (BTC) initiated a rally that quickly raised its value from $25,000 to over $40,000, serving as a catalyst for many other cryptocurrencies to reach significant multi-year milestones.
January witnessed a significant development with the approval of several spot BTC exchange-traded funds (ETFs). Expectations are high for the launch of spot Ethereum (ETH) ETFs in the coming months. Amidst this revival, Ripple secured notable legal victories in its ongoing conflict with the SEC. However, recent events emphasize that the battle is far from over.
In this tumultuous environment, a 15x growth target has been set for an altcoin. If achieved, this would mean new highs for Polkadot (DOT).
What’s Expected for Polkadot (DOT)?
The Polkadot Network (DOT), at the time of publication, presents various opportunity vectors to informed crypto investors. It not only plays a crucial role in enabling interoperability among blockchains but is also working to improve and solidify its position in the NFT space, particularly in the promising Web3 gaming industry, through parachains.
At a glance, DOT’s recent performance hasn’t been particularly impressive. It briefly rose above $9 at the start of January, but has mostly been declining since then. It has shown a decrease of 6.98% in the last 30 days and a 5% decrease in the last 7 days. At the time of writing, it is trading at $6.67.
However, the technical analysis of DOT indicates a slowing downward momentum as the token forms a falling wedge chart pattern, suggesting a significant price increase in the near future.
Lastly, DOT is working on the first meme coin, humorously named DED. This meme coin is designed to be completely transparent and decentralized. The team behind it promises there will be no pre-sale or team allocation, but all DOT holders will receive it through an airdrop. All these developments could be a catalyst for the cryptocurrency to journey towards $100.
