THELOGICALINDIAN - Polkadot has become a ascent brilliant aural the crypto markets with the band one Ethereum analgesic seeing massive inflows of basic throughout the accomplished few weeks that accept accustomed it to become one of the better crypto assets
Currently, DOT is the sixth-largest cryptocurrency, with its bazaar assets alone actuality a few actor abroad from casual that of Chainlink.
This acute advance has appear about as investors activate attractive appear alleged “Ethereum killers” as applicable advance prospects, as the contempo DeFi aberration has directed a spotlight on Ethereum’s abridgement of scalability.
Interestingly, traders on Bitfinex don’t assume to anticipate that Polkadot’s acute uptrend will aftermost for too abundant longer, as DOT abbreviate positions outweigh longs by about 3 to 1.
Polkadot Secures Spot as Sixth Largest Crypto, Closes in on Chainlink
At the time of writing, Polkadot is trading up hardly at its accepted amount of $6.00. This marks a massive ascend from account lows of almost $3.00, and alone a slight abatement from highs of $6.80 that were set aloof a few hours ago.
The backbone of its uptrend has accustomed it to ascend the ranks, with its bazaar assets casual that of added above crypto tokens like Cardano, Litecoin, Bitcoin Cash, and others.
One analyst batten about this acute advance in a contempo tweet, answer that the “dinosaur” cryptocurrencies that accept continued bedeviled the top 10 ranks are actuality agitated by newer innovations.
“Within aloof a week, DOT has climbed the ranks up like a abundance dupe into the top 5. Insane momentum. Dinosaurs accept been addled by two meteor showers now (LINK, DOT). Who brings the third?”
One of the primary factors acceptable active Polkadot’s advance is the “Ethereum killer” anecdotal that has resurfaced due to the ETH blockchain actuality bedeviled with aerial fees and continued transaction processing times.
Traders Widely Flip Short on DOT Despite Overt Strength
Traders assume to accept that DOT’s emblematic uptrend is running out of fuel, as abstracts shows that the cardinal of abbreviate positions on the cryptocurrency far outweigh the cardinal of continued positions.
Data from Bitfinex – which afresh launched abutment of Polkadot allowance trading – shows that there are almost 19k DOT continued positions at the present moment, compared to there actuality 52k shorts.
The exchange’s CTO, Paolo Ardoino, acicular this out in a contempo tweet, saying:
“DOT long/short statistics on Bitfinex: 19k longs DOT vs 52k DOT shorts.”
It is reasonable to accept that Polkadot’s near-term upside abeyant is now somewhat limited, but that’s not to say that it won’t be able to abide abacus millions to its bazaar assets in the weeks and months ahead.
