2024

Internet Computer

Polkadot

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<ul>
 <li style="font-weight: 400;">Positive sentiment around DOT surged along with its price last month.&nbsp;</li>
 <li style="font-weight: 400;">DOT was down by 5%, and market indicators looked bearish on the token.</li>
</ul>
If the recent market crash is to be ignored, several cryptos have been displaying commendable performances, including <a href="https://ambcrypto.com/search/Polkadot" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot [DOT]</a> and <a href="https://ambcrypto.com/search/ICP" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Internet Computer [ICP]</a>. 
In fact, the latest data revealed that both tokens managed to lift their values to triple digits from their minimum. However, DOT needs to push its price further up in order to catch up with ICP’s achievement.
<h4>Polkadot and Internet Computer displayed a bull show!</h4>
Over the last thirty days, ICP bulls showered profits on investors as its price rallied. 
According to <a href="https://coinmarketcap.com/currencies/internet-computer/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">CoinMarketCap</a>, ICP was up by more than 145% in the last 30 days. At the time of writing, ICP was trading at $12.95 with a market capitalization of over $5.8 billion. 
Though Polkadot’s price increased, the degree of growth was not as great as that of ICP. DOT’s value surged by nearly 25% over the last month. 
In fact, Tony, a popular crypto analyst, recently posted a tweet highlighting Polkadot and Internet Computer’s achievements. 
As per the tweet, <a href="https://ambcrypto.com/icp-surges-by-72-will-it-enter-the-top-10-club/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">ICP</a> and DOT’s prices surged by 400% and 150%, respectively, from their minimum, which looked optimistic for the tokens.
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 <a href="https://twitter.com/hashtag/Polkadot?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#Polkadot</a> <a href="https://twitter.com/hashtag/DOT?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#DOT</a> and <a href="https://twitter.com/hashtag/ICP?src=hash&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">#ICP</a> I have been observing for some time that they are on a par, <a href="https://twitter.com/search?q=%24ICP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ICP</a> has gone up from its minimum 400% and <a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$DOT</a> 150% so now it has to be equalized with <a href="https://twitter.com/search?q=%24ICP&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$ICP</a> and so now <a href="https://twitter.com/search?q=%24DOT&amp;src=ctag&amp;ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">$DOT</a> has to go up 250% <a href="https://t.co/VcxVD2gLh0" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">pic.twitter.com/VcxVD2gLh0</a>
 — Tony ₿itcoin<img src="https://s.w.org/images/core/emoji/14.0.0/72x72/26a1.png" alt="⚡" class="wp-smiley" style="height: 1em; max-height: 1em;"> (@Toni_Bitcoin) <a href="https://twitter.com/Toni_Bitcoin/status/1743011668446122006?ref_src=twsrc%5Etfw" data-wpel-link="external" target="_blank" rel="noopener noreferrer nofollow">January 4, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Since both token prices increased last month, AMBCrypto took a look at their social metrics. 
Our analysis found that while <a href="https://ambcrypto.com/can-polkadot-outshine-solana-and-avalanche-in-2024/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a>’s value shot up, its weighted sentiment also increased, meaning that bullish sentiment around the token was high.
 However, that was not the case with ICP, as its weighted sentiment remained on the negative side the majority of the time last month.
<div id="attachment_362281" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362281" decoding="async" class="wp-image-362281 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.11.09-06-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>
<h4>Polkadot to also grow by 400%?</h4>
Though both tokens registered triple-digit growth since their minimum, DOT still needs to pump its price by another 250% in order to be on par with ICP.
 Therefore, AMBCrypto had a closer look at DOT’s state to see whether that outcome is possible in the near future. In the last 24 hours alone, Polkadot was down by more than 5%, thanks to the bearish market condition. 
At the time of writing, it was <a href="https://coinmarketcap.com/currencies/polkadot-new/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="external">trading</a> at $7.30 with a market cap of over $9.5 billion. 
Our look at <a href="https://ambcrypto.com/can-polkadots-nft-ecosystem-flourish-in-2024/" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">DOT</a>’s daily chart revealed that its MACD turned bearish. Additionally, its Relative Strength Index (RSI) also registered a downtick, increasing the chances of a continued downtrend.
<div id="attachment_362282" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362282" decoding="async" class="wp-image-362282 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37.png" alt="" width="1552" height="792" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37.png 1552w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37-300x153.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37-1024x523.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37-768x392.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/DOTUSD_2024-01-06_10-17-37-1536x784.png 1536w" sizes="(max-width: 1552px) 100vw, 1552px"></a>
 Source: TradingView
</div>
Read <a href="https://ambcrypto.com/predictions/polkadot-price-prediction" target="_blank" rel="noopener noreferrer nofollow" data-wpel-link="internal">Polkadot’s [DOT] Price Prediction</a> 2023-24
Nonetheless, Polkadot’s derivatives market metrics looked bullish. For example, while the token’s price dropped, its open interest also plummeted. 
A drop in the metric usually suggests a trend reversal. Its Binance funding rate also declined, meaning that derivatives investors were not buying DOT at its lower price.
<div id="attachment_362283" style="width: 100%" class="wp-caption aligncenter"><a href="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024.png" data-wpel-link="internal" rel="noopener noreferrer nofollow"><img aria-describedby="caption-attachment-362283" decoding="async" class="wp-image-362283 size-full" src="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024.png" alt="" width="2560" height="867" srcset="https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024.png 2560w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024-300x102.png 300w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024-1024x347.png 1024w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024-768x260.png 768w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024-1536x520.png 1536w, https://statics.ambcrypto.com/wp-content/uploads/2024/01/Polkadot-DOT-10.18.38-06-Jan-2024-2048x693.png 2048w" sizes="(max-width: 2560px) 100vw, 2560px"></a>
 Source: Santiment
</div>

Can Polkadot catch up with ICP’s massive price surge

AMBCrypto

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