Polkadot (DOT) soars 20% on Parachain News

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After yesterday’s price drop, bitcoin continued to rise and hit a new five-month high above $ 58,500. Altcoins also posted impressive gains, with Polkadot leading the pack. DOT has exploded by 20% following a massive announcement.

Bitcoin sees a new 5-month high

The past few days have gone well for the main cryptocurrency, as it touched close to $ 58,000 for the first time since mid-May. However, he failed to cross it on his first attempt, and the bears pushed him south yesterday.

As reported, BTC dumped over $ 3,000 in one day and hit a low of around $ 54,000. Yet the situation has changed again in the past 24 hours.

Instead of going further south, bitcoin began to appreciate rapidly against the dollar. Within hours, he recouped all of his previous losses and even passed $ 58,000 this time around.

It continued to climb and hit an intraday high above $ 58,500, which became the new highest price since mid-May. Right now, BTC has fallen by around $ 1,000 and its market cap has fallen to just under $ 1,100 billion.

BTCUSD. Source: TradingView

Alts in green; DOT surges 20%

Alternative coins also retraced yesterday, but most are well in the green today. Ethereum fell below $ 3,500, but a 5.5% increase on a 24-hour scale took it to $ 3,650.

Binance Coin has been among the top performers in the past few days after the exchange behind it announced a $ 1 billion fund to improve the BSC. After yesterday’s double-digit pump, BNB rose 3.5% again today and is trading at $ 480.

Cardano, Ripple, Solana, Dogecoin, Terra, Uniswap and Avalanche also scored gains in one day. Chainlink jumped 11%, but Polkadot topped all other larger cap alts with an increase of almost 20% on a 24-hour scale.

It comes after the project’s massive announcement that its parachaines are ready to launch in a month.

Overview of the cryptocurrency market.  Source: quantifying crypto
Overview of the cryptocurrency market. Source: quantifying crypto

Other gains are evident with Telcoin (35%), Kusama (18%), Curve DAO Token (16%), Vechain (13%), Waves (12%), Revain (12%), Stellar (10%) and Continued.

As such, the crypto market cap is over $ 100 billion in one day to over $ 2.35 billion.

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Cryptocurrency Charts by TradingView.


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