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29 September 2020

Polkadot indicator? Data shows Ethereum price follows it to the DOT

Polkadot indicator? Data shows Ethereum price follows it to the DOT

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Anyone who’s been in the game since 2017 will recall the heated discussions revolving around the Ether (ETH) to Bitcoin (BTC) flippening and the same commotion was caused by Bitcoin Cash (BCH) and EOS flipping top blockchains as they moved into the top-5.

Now traders’ attention has shifted to Polkadot (DOT) as the network is currently ranked top-5 cryptocurrency by market capitalization and it seems that its ascension to the top came out of the blue.

It is worth noting that some cryptocurrencies limit the staking or voting amount per address, causing whales to split their holdings and further distorting holders' rankings.

Both DOT and Cosmos (ATOM) anticipated the Ether rally on Sept.

Again, numerous factors could be behind those predictive Ether movements on smaller cryptocurrencies, and some will not be replicated, thus creating false alerts.

For starters, both Ether and DOT had been making new local highs in early September.

During this time DOT began a strong rally two hours ahead of Ether, and it also initiated its trend reversal earlier than Ether.

The same can be said for the many false positives and opposing movements that happened exclusively to DOT that were not replicated by Ether.

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