- EOS reached an all-time high by the end of April 2018
- Polkadot regarded as the promising blockchain that may replace ethereum’s monopoly
- DOT reached its all-time high of $13.22
Many traders believe that Polkadots are like EOS which will define the bull run of Bitcoin in the future. They are seeing this as an indicator as to when the bull market will come to an end.
With the rise in the prices of Bitcoin other crypto coins are on upsurge, many Asian traders are seeing the indicator as to when this bull market will come to an end. Some of them believe that Polkadot, the native token of the Polkadot Blockchain is the answer to the potential upsurge in the crypto market.
According to the Messari, the price of Polkadot was recorded at $12.49, up 12.40 in the last 24 hours. The coin has reached its all-time high of $13.22 in the US. The prices of Polkadot rose just 6 days after bitcoin recorded its all-time high and reached the new level.
Traders are very sure of the changes in the crypto market very soon and they see the alignment of the bull market prices of bitcoin in 2017 and EOS, the home cryptocurrency for the EOS.IO blockchain platform. There were similarities observed in the 2017 bull market and today’s market. The traders informed that the Polkadot project was started by Gavin Wood, an Ethereum co-founder. And the project was the killer of the Ethereum. Similarly, the EOS.IO project was launched to replace Ethereum.
But when Bitcoin was in its full swing in the bull market and reached its peak in 2017, many investors took out their money and invested in EOS, which is now called Alt season. EOS reached an all-time high in April 2018. After this period the traders saw a dull period in the crypto market.
Terry Wilkinson, CEO, Anchor Value informed that EOS was the hype at that time and garnered a lot of attention. The end of the bullish market did not happen because of EOS. During the same time Block.one had also launched EOS.IO in September 2017. It provided a platform for developers to create Decentralised Apps or DApps. It was created for improved scalability as compared to Ethereum. The project was popular for its Initial Coin Offering (ICO).
EOS prices were the indicator of capital inflows to crypto at that time. But when EOS prices saw a slump, the traders started pulling the money and showed the sign of exiting the market. Hence, the EOS.IO failed to catch up to the Ethereum position.
Following the suit of EOS.IO, Polkadot is the promising blockchain that may replace ethereum’s monopoly. It got the attention of many investors when decentralised finance (DeFi) exploded in 2020. It is because most of its projects are built on Ethereum blockchain. Though the ethereum blockchain is versatile yet some projects chose the alternative for better results and scalability. Hence, Polkadot is one of them.
So, just like EOS that garnered eyeballs in 2017 by investors as it was thought to replace the ethereum market share, similarly, Polkadot is garnering the attention of the investors for Polkadot’s DOT. But the analyst believes that there is a possible correlation between DOT and bitcoin’s bull run. The increasing interest of the institutional investors and the explosive DeFi sub-sector are the powers behind the bull rally.
Simons Chen, Executive Director, Babel Finance, a crypto-lender firm is of the opinion that investors who are making profits from bitcoin are not making profits from altcoins like Polkadot. DOT certainly is the same like EOS on the other hand, obviously Polkadot has more expectations as the new chain on the block. But many feel that this bull run is different from the last bull run because of the interest of institutional investors and their money, which was not seen during the 2017 bull run.
The growing interest of the investors and traders in DeFi could also change the game. Thus the increasing growth in DOT is just a reflection of the DeFi’s growth.
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