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Polkadot Surges After Binance Home Page Listing, $10M Endorsement
DOT's recent ascent began on Dec. 23 when Binance announced a $10 million fund to support projects built on Polkadot.
By Muyao Shen
Updated Sep 14, 2021, 10:49 a.m. Published Dec 29, 2020, 9:22 p.m.
Prices for DOT, the native token of Polkadot and its cross-chain protocol for data and asset interoperability, have risen more than 40% in the last week after two votes of confidence by Binance, the biggest crypto exchange by spot trading volume.
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- At the time of writing, DOT was at $7.21, according to data from Messari, up 17.27% in the past 24 hours, and up 41.36% in the past seven days.
- The currency's ascent began on Dec. 23 when Binance announced a $10 million fund to support projects on Polkadot.
- DOT really took off, however, on Dec. 28 after Twitter users noticed the ETH/BUSD pair on Binance's homepage had been replaced by the DOT/BUSD pair, giving DOT a lot more exposure.
- Some retail traders have been looking for tokens that could potentially outperform bitcoin in the short term after the No. 1 cryptocurrency by market capitalization briefly surpassed $28,000 on Sunday, according to Mable Jiang, principal at crypto hedge fund Multicoin Capital.
- Founded by Ethereum co-founder Gavin Wood, Polkadot is a blockchain network that supports various interconnected sub-chains called "parachains."
- "Parachains" can run higher transaction throughput than Ethereum because of its more sophisticated design, as CoinDesk reported previously.
See also: As DeFi Grows, Investors Look to Polkadot to Be the Next Ethereum
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Coinbase Sees Crypto Recovery Ahead as Liquidity Improves and Fed Rate Cut Odds Climb
The crypto exchange also took note of a so-called AI bubble that continues to go strong and a weaker U.S. dollar.
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- Coinbase Institutional is seeing a potential December recovery in crypto, citing improving liquidity and a shift in macroeconomic conditions that could favor risk assets like bitcoin.
- The firm's optimism is driven by rising odds of Federal Reserve rate cuts, with markets pricing in a 93% chance easing next week, and improving liquidity conditions.
- Several recent institutional developments, including Vanguard's crypto ETF policy reversal and Bank of America's greenlighting of crypto allocations, have contributed to bitcoin's rebound from recent lows.
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