bullish

Polkadot

when

Chainlink

Several digital assets are nearing significant <a href="https://www.investopedia.com/terms/m/marketcapitalization.asp">market cap</a> milestones when the <a href="https://cryptoticker.io/en/token">cryptocurrency market</a> shows signs of recovery. Among them, <a href="https://cryptoticker.io/en/token/LINK">Chainlink (LINK)</a> and <a href="https://cryptoticker.io/en/token/DOT">Polkadot (DOT)</a> stand out as prime candidates projected to surpass the $10 billion mark in the coming weeks. Here is the importance of the market cap and especially in cryptocurrency and an analysis of <a href="https://cryptoticker.io/en/token/LINK">Chainlink (LINK)</a> and <a href="https://cryptoticker.io/en/token/DOT">Polkadot (DOT)</a> potential this August.
<h2 id="strong-what-is-market-cap-strong">What Is Market Cap?</h2>
<a href="https://en.wikipedia.org/wiki/Market_capitalization">Market cap</a> is the total dollar value of all a company's shares or, in cryptocurrency, the total value of all mined coins, calculated by multiplying the number of coins by the price per coin. A higher market cap often indicates a more stable asset, while smaller market caps can lead to higher volatility and potential for significant gains or losses. The market cap provides a comprehensive value comparison across cryptocurrencies, offering insight into their growth potential and investment safety.
<h4>Types of Market Cap:</h4>
<ul>
 <li>Circulating Supply: Number of currently mined coins.</li>
 <li>Fully Diluted Supply: Total number of coins that will eventually be mined.</li>
</ul>
<h4>Investment Decisions:</h4>
<ul>
 <li>Large-Cap Cryptocurrencies: Over $10 billion, like Bitcoin and Ethereum, seen as lower risk with higher liquidity.</li>
 <li>Mid-Cap Cryptocurrencies: $1 billion to $10 billion, offering potential upside but higher risk.</li>
 <li>Small-Cap Cryptocurrencies: Under $1 billion, highly volatile.</li>
</ul>
While market cap is a key metric, it's important to consider market trends, asset stability, and personal financial situations when making investment decisions.
<h2 id="strong-chainlink-link-strong">Chainlink (LINK)</h2>
<a href="https://www.bitget.com/spot/LINKUSDT?vipCode=94qs">Chainlink</a> has made considerable strides in enhancing transparency within the cryptocurrency ecosystem. A pivotal development contributing to its bullish outlook is the integration of Chainlink’s proof-of-reserve (PoR) system by 21Shares, a leading issuer of <a href="https://www.investopedia.com/terms/e/exchange-traded-products-etp.asp">crypto exchange-traded products (ETPs)</a>.
Technical analysis by prominent crypto analysts further amplifies the positive sentiment surrounding Chainlink. They have highlighted the formation of an inverse head and shoulders pattern on LINK’s four-hour price chart. This pattern, often indicative of a bullish reversal, suggests that <a href="https://www.tradingview.com/symbols/LINKUSD/?aff_id=127958">Chainlink</a> could experience a significant price turnaround in the coming weeks.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/LINKUSD_2024_08_02_5_D_5ed2b93431.png" alt="By TradingView - LINKUSD_2024-08-02 (5D)">
Currently trading between $12 and $13 with a market cap of approximately $7.5 billion, Chainlink’s ongoing developments and the broader market’s bullish sentiment position it well to surpass the $10 billion market cap milestone. The combination of enhanced transparency, technical bullish indicators, and overall market optimism are key drivers behind this potential growth.
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_LINK_Price_Performance_24h_b0266f98c5.png" alt="By TradingView - LINK Price Performance (24h)">
</figure>
<h2 id="strong-polkadot-dot-strong">Polkadot (DOT)</h2>
Despite facing bearish pressure, <a href="https://www.bitget.com/spot/DOTUSDT?vipCode=94qs">Polkadot</a> demonstrates robust network fundamentals that could drive its market cap beyond the $10 billion threshold. While DOT’s price recently dropped by over 3.5% to around $5.2, on-chain metrics remain notably bullish. Polkadot Subscan shows the daily holder count recently reached an all-time high of 1.3 million, with 503 new additions.
<img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/DOTUSD_2024_08_02_5_D_f692bca6ee.png" alt="By TradingView - DOTUSD_2024-08-02 (5D)">
Data indicates that while open interest remains low, the Long/Short ratio is 2.83, with 73.86% of traders betting long on the asset. This suggests a short-term fear but long-term optimism among investors. Currently, <a href="https://www.tradingview.com/symbols/DOTUSD/?aff_id=127958">Polkadot</a> has a market cap of approximately $7.6 billion. The continued network developments, increasing user engagement, and bullish investor sentiment indicate that DOT is well-positioned to overcome its recent price challenges and achieve the $10 billion market cap milestone.
<figure class="image">
 <img src="https://cryptoticker-strapi-media.s3.eu-central-1.amazonaws.com/By_Trading_View_DOT_Price_Performance_24h_831b31c15f.png" alt="By TradingView - DOT Price Performance (24h)">
</figure>
<h3 id="">&nbsp;</h3>
The long-term bullish sentiment expected when the cryptocurrency market recovers from its recent crash, coupled with significant developments within the Chainlink and Polkadot ecosystems, sets the stage for these digital assets to reach the $10 billion market cap milestone this August and ascend to the mid-cap category. Investors should closely monitor these cryptocurrencies as they navigate toward these significant milestones.

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