Polkadot: the blockchain that powers Web3
Polka dot (DOT) is a scalable blockchain that provides interoperability between different networks as well as a secure protocol to connect different chains. In other words, it is one Web3 project aim to develop IT infrastructure for a decentralized web, at the center of which, together with other projects, Polkadot.
Bill Noble, a veteran Wall Street technology analyst, spoke of an inevitable “crypto spring.” That means a revival of the crypto market is very close, with Web3 as the next Internet, led by Polkadot and Ethereum.
Noble on the current state of the market: will Polkadot win?
Bill Noble believes that the current crypto winter has one long-term benefit: to clean up the market and liquidate less viable projects. In fact, the analyst believes previous market growth was driven by massive liquidity injections from central banks.
He then argues that when central banks stopped printing money, that’s when the “crash of 2008” of cryptocurrencies happened. Speculative assets, which should never have gone up in the first place, went right back to zero.
Noble believes that we can already see the first hints of crypto featherthat is, a recovery in growth after the crash, in a way not very different from what happened in conventional financial markets after 2008 or 1987.
He also points out that several experts, including Warren Buffett itself, devalued the Internet and Amazon after the crash of 2002. However, Buffett told CNBC in 2019 that he was “an idiot for not buying” Amazon stock earlier.
Now Noble is bullish on Ethereum as the backbone of Web3. In fact, he stated:
“Bear markets represent the best times to study and learn because it is during these phases that the market decides who will win and who will lose. Web3 will be the next internet, led by Ethereum and Polkadot.
Noble is also optimistic privacy coins and supports the statements of the whistleblower from the US National Security Agency Edward Snowdenwhich claims:
“One day your fortune may be used against you.”
The central banks’ push against centralized digital currencies will actually mean that all transactions will be observed and will create an incentive for the development of privacy coins such as Zcash. Therefore, privacy coins will go from being a tool for criminals to being used by ordinary people.
Polkadots (DOT) float: potential good news for 2023
Polkadot has experienced negative weekly growth. Actually recently CoinMarketCap data says DOT has fallen nearly 3% over the past seven days. It also acted at $4.49 with a market value of over 5.1 billion dollars.
But, CryptoQuants data showed that this may soon change. According to CryptoQuant is Relative Strength Index (RSI) and Polkadot’s Stochastic were both in oversold positions. This was an important bullish indicator that suggested an expected price increase in the coming days.
Interestingly enough, Polka Dot Insidera popular one Twitter handle that posts updates related to the Polkadot ecosystem, revealed its weekly stats. This further established Polkadot’s popularity in the cryptocurrency community.
Also, according to the tweet, Polkadot’s social engagement has transcended 43 million, a testament to its popularity. Not only that, but Polkadot’s Galaxy score also looked positive.
In fact, Polkadot Insider’s official Twitter account reads:
Thanks to @LunarCrushwe gathered some important social calculations about $POINT 👇
Let’s take a look at our graphics below. It will show you how society feels @Polkadot in the last 7D 🔥#Polkadot $POINT #DOT pic.twitter.com/iVQFkoaUrV
— Polkadot Insider (@PolkadotInsider) 25 December 2022
Furthermore, Polkadot’s calculations also showed signs of improvement, as most calculations suggested that the token price would increase in the coming days. For example, DOT’s Binance the funding rate increased, which reflects the demand in the derivatives market.
DOT’s development activity also increased, which can be considered a positive sign. Polkadot also managed to maintain its popularity as social media volume increased last week.
