Bitcoin hit $70,000 briefly yesterday but the price was rejected. However, the upswing brought most of the altcoins with it, with Polkadot (DOT) being one of the exceptions. Meanwhile, Bitcoin Cash (BCH) is the best weekly performer out of the top 50 coins. DTX Exchange continues to look bullish ahead of new developments in the presale project.
Polkadot (DOT) continues to develop, but positive price action is lacking
Polkadot (DOT)’s price has been disappointing since its high in March this year, when Bitcoin’s new all time high was made. Unlike other coins, which rose again this week as Bitcoin rose, Polkadot (DOT) failed to follow suit.
The Polkadot (DOT) team has been making efforts to maintain momentum, releasing new updates and integrations, including an integration with Astar Network. Astar, a Layer 1 blockchain, is collaborating with the Bifrost ecosystem, which is built on Polkadot (DOT), to offer liquid staking.
Furthermore, Polkadot (DOT) just announced the Polkadot (DOT) Championship Hackathon in Bali and their presence at the Bali Blockchain Summit next month.
However, all of this has failed to positively affect Polkadot (DOT)’s price action, with DOT down on the weekly and monthly timeframes.
AMB Crypto analysts noted that developer activity has decreased, while on-chain activity has increased. Their price prediction suggests the trend could turn bullish if Polkadot (DOT) can breach the $6 mark, but if not, the price is likely to remain in a sideways pattern.
Polkadot is currently trading at $5.67.
Bitcoin (BTC) is down but Bitcoin Cash (BCH) remains strong
Similar to Bitcoin, Bitcoin Cash (BCH) has performed well this year. Bitcoin Cash (BCH) is up by 79% on the yearly and 13.8% on the weekly charts.
Presidential candidate Trump’s pro-Bitcoin speech pushed Bitcoin to new heights yesterday, but it seems that afterward the market was spooked by the US government moving over $2 billion worth of Bitcoin. However, Bitcoin Cash (BCH) fans stayed strong, and so the coin has outperformed Bitcoin on the weekly and daily charts.
There was FUD in the air given that the Mt Gox repayments also included Bitcoin Cash (BCH). People have since realized that these repayments are not as bad as expected for BTC and BCH.
This has led to Bitcoin Cash (BCH) being undervalued. Savvy traders disappointed with Polkadot’s lackluster performance have been taking advantage of BCH’s unique position.
Although the Bitcoin Spot ETFs have been bullish for BTC and the crypto markets as a whole, it also means that giant financial players now have a big influence on the BTC price. Bitcoin Cash (BCH), however, remains “money built for you, not banks”.
DTX Exchange team’s upcoming KYC boosts investor confidence
DTX Exchange is in presale and has remained unaffected by the recent political swings and government movements of Bitcoin. Instead, investors have been getting excited by the news that not only will the DTX Exchange be going live before the presale concludes, but also the next step in the roadmap is KYC verification of the team.
These announcements add an extra layer of trust and credibility to the project, and have resulted in the investment level of DTX rising by approximately $100,000 in a few days, to over $1 million.
As the presale progresses, investors are looking forward to the initial launch of the exchange, dubbed ‘VulcanX’, where they will be able to try out all the features of the hybrid model platform.
DTX Exchange is currently in stage 2 of the presale at $0.04 and will launch sometime in September or October, according to the DTX Telegram group.
