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Breaking News: Coinbase Confirms DOJ Investigation Following Major Security Incident

Polkadot (DOT) Clings To $5 Level Despite Unforgiving Bear Market

Christian Encila
Christian Encila
2 years ago
3 mins read
Polkadot

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Polkadot (DOT), the 11th largest cryptocurrency with an overall valuation of nearly $6 billion, continues to keep its losses in this prevailing crypto winter to minimal levels.

On November 8, despite the negative effects of the collapse of the FTX exchange platform, the digital asset managed to briefly surpass the psychological $7 marker, peaking at $7.38.

DOT wasn’t able to sustain this gain and quickly abandoned the territory, hovering around the $6 region before eventually falling to the $5 range which it continues to maintain despite the ongoing bear market.

According to latest tracking from Coingecko, Polkadot is trading at $5.13 at the time of this writing, being down by only 1.3% over the last seven days.

Despite painting its chart in red, the digital asset has so far parried all the heavy blows of this bear cycle responsible for making the crypto market cap go down by almost 2% during the last 24 hours.

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Polkadot Focuses Energy On Areas It Can Win

As its trading price and total market capitalization continues to be at the mercy of the winter season for crypto space, Polkadot has turned its focus on aspects where it can emerge victorious and enjoy positive developments.

For example, the nomination pools for the project successfully achieved a milestone when the current number of DOT bonded by members of its pool surpassed the 500,000 marker.

Last week, at the time when industry leaders Bitcoin and Ethereum failed to make any kind of move to turn the tides on their favor, social mentions and engagements for Polkadot both increased.

According to social analytics platform LunarCrush, during that time, the project tallied a 68.9% jump on its social mention numbers and an equally impressive 71.4% increase on its social engagements.

It proved that despite all the FUD that have been ravaging the space for quite some time now, interest for Polkadot network and its DOT crypto asset remained high.

What Awaits DOT Towards End Of 2022?

Owing to the fluctuating price of DOT at the start of the current year, crypto experts have forecasted that the asset will exit the month of November with an average price of $5.70.

However, as it is currently changing hands at $5.13, the altcoin might need to perform a bit of a surge during the next few hours to end November with a value that is close to the forecast.

Meanwhile, the predictions for the month of December for Polkadot is almost the same as its average price next month is expected to be at $5.86, with the digital coin going as high as $6.08 in terms of trading price.

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2 years ago

DOT total market cap at $5.9 billion on the daily chart | Featured image from Cryptopolitan, Chart: TradingView.com
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Christian Encila
Christian Encila

Christian Encila

They say journalists never truly clock out. But for Christian, that's not just a metaphor, it's a lifestyle. By day, he navigates the ever-shifting tides of the cryptocurrency market, wielding words like a seasoned editor and crafting articles that decipher the jargon for the masses. When the PC goes on hibernate mode, however, his pursuits take a more mechanical (and sometimes philosophical) turn.

Read more

Christian's journey with the written word began long before the age of Bitcoin. In the hallowed halls of academia, he honed his craft as a feature writer for his college paper. This early love for storytelling paved the way for a successful stint as an editor at a data engineering firm, where his first-month essay win funded a months-long supply of doggie and kitty treats – a testament to his dedication to his furry companions (more on that later).

Christian then roamed the world of journalism, working at newspapers in Canada and even South Korea. He finally settled down at a local news giant in his hometown in the Philippines for a decade, becoming a total news junkie. But then, something new caught his eye: cryptocurrency. It was like a treasure hunt mixed with storytelling - right up his alley!

So, he landed a killer gig at NewsBTC, where he's one of the go-to guys for all things crypto. He breaks down this confusing stuff into bite-sized pieces, making it easy for anyone to understand (he salutes his management team for teaching him this skill).

Think Christian's all work and no play? Not a chance! When he's not at his computer, you'll find him indulging his passion for motorbikes. A true gearhead, Christian loves tinkering with his bike and savoring the joy of the open road on his 320-cc Yamaha R3. Once a speed demon who hit 120mph (a feat he vowed never to repeat), he now prefers leisurely rides along the coast, enjoying the wind in his thinning hair.

Speaking of chill, Christian's got a crew of furry friends waiting for him at home. Two cats and a dog. He swears cats are way smarter than dogs (sorry, Grizzly), but he adores them all anyway. Apparently, watching his pets just chillin’ helps him analyze and write meticulously formatted articles even better.

Here's the thing about this guy: He works a lot, but he keeps himself fueled by enough coffee to make it through the day - and some seriously delicious (Filipino) food. He says a delectable meal is the secret ingredient to a killer article. And after a long day of crypto crusading, he unwinds with some rum (mixed with milk) while watching slapstick movies.

Looking ahead, Christian sees a bright future with NewsBTC. He says he sees himself privileged to be part of an awesome organization, sharing his expertise and passion with a community he values, and fellow editors - and bosses - he deeply respects.

So, the next time you tread into the world of cryptocurrency, remember the man behind the words – the crypto crusader, the grease monkey, and the feline philosopher, all rolled into one.

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Disclaimer: The information found on NewsBTC is for educational purposes only. It does not represent the opinions of NewsBTC on whether to buy, sell or hold any investments and naturally investing carries risks. You are advised to conduct your own research before making any investment decisions. Use information provided on this website entirely at your own risk.

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Reason to trust

Strict editorial policy that focuses on accuracy, relevance, and impartiality
Created by industry experts and meticulously reviewed
The highest standards in reporting and publishing
How Our News is Made

Strict editorial policy that focuses on accuracy, relevance, and impartiality

Ad discliamer

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