Bitcoin recently hit the $47,000 area. So, this was quite massive for the crypto industry, coupled with the news of the incoming spot Bitcoin ETF approval. However, cryptocurrencies like Polygon and Polkadot stand a fair chance of making a breakthrough. Is this possible?
Bitcoin Hits Over $47k on the 8th of January 2024
- One of the biggest news in the crypto market was when Bitcoin hit more than $47,000 in the crypto market. So, this occurrence was on the 8th of January, 2024. This was quite massive as this will be the first time Bitcoin Will be reaching this level for almost two years. Furthermore, this comes as the US edges closer to approving Bitcoin Spot ETFs. Moreover, former SEC Chairman Jay Clayton already predicts the inevitable approval of Bitcoin ETFs.
- According to him, the United States government can no longer pretend that Bitcoin isn’t important crypto. So, Bitcoin now stands as a major currency in the world. Previously, we made a report on how it was the 13th largest currency globally. Nevertheless, other cryptocurrencies like Polygon and Polkadot might take the spotlight.
Polygon (MATIC) to Take Spotlight as Bitcoin Crosses $47k
- One of the latest predictions in the crypto market is about Polygon (MATIC) becoming more prominent in the market. So, there was a tragic event for Polygon in the market. Apparently, Grayscale Investments, a major crypto asset manager, removed Polygon from its Digital Large Cap Fund. So, this had an incredible effect on the price of this cryptocurrency. Thus, things like the market cap decreased drastically. Furthermore, investors are starting to move to its competitors.
- However, there’s hope for Polygon in the market. Hence, with Bitcoin moving to more than $47k, it stands a chance of making massive progress. So, the Relative Strength Index (RSI) of 52.73 suggests a neutral market sentiment. Thus, Polygon stands a chance of a new beginning or could blow it UP. On the other hand, the 10-day SMA is at $0.7853, and the 200-day SMA is at $0.8949. So, this means that the short-term price is kind of stable while the long-term is a bit bearish.
Besides Polygon, can Polkadot (DOT) Also Make a Comeback?
- Besides Polygon, Polkadot is another crypto that stands a chance of a massive increase. So, this is mainly because of the efforts it is putting in. Recently, the focus of this crypto project is on education. Apparently, one can see this in the Origin Trail’s Decentralized Knowledge Graph on Polkadot. Furthermore, there’s also the Polkadot Blockchain Academy.
- Moving on to the price, the chart shows that Polkadot is kind of bullish. So, the Relative Strength Index (RSI) is at more than 60, which is a bit bullish. Moreover, the 200-day SMA is also showing bullish signs.
In conclusion, Polygon and Polkadot are two tokens that stand a chance of a massive breakthrough. So, this mostly comes after Bitcoin managed to go beyond $47k. On one hand, Polygon is in a bad situation, but it can turn it around. On the other hand, the situation of Polkadot looks slightly better than that of Polygon.
The information provided in this article is for informational purposes only and should not be considered financial advice. The article does not offer sufficient information to make investment decisions, nor does it constitute an offer, recommendation, or solicitation to buy or sell any financial instrument. The content is opinion of the author and does not reflect any view or suggestion or any kind of advise from CryptoNewsBytes.com. The author declares he does not hold any of the above mentioned tokens or received any incentive from the company.