The crypto market has opened the new month on a bearish note as the broader market flashes red, led by Bitcoin and Ethereum. Furthermore, the global crypto market capitalization has plunged 0.61% and stands at $19,304.
However, it would be incorrect to say that all assets are trading lower. Amidst this negativity, the 11th largest cryptocurrency by market cap, Polkadot (DOT), has overtaken Ethereum (ETH) and Cardano (ADA) in terms of increased developer activity.
Ethereum and Cardano had one of the most anticipated upgrades last month, but failed to add up to many events. Ethereum is in third position with only 400 GitHub events and Cardano with 455 GitHub events. Meanwhile, Polkadot has seen 522 GitHub events to its credit as of September 2022.
What’s Behind Polkadot’s Increased Developer Activity?
There are two main reasons why Polkadot is experiencing increased developer activity.
The first is a new network update released on September 7 to reprogram the Polkadot runtime to v9270. The second event occurred on September 13; The new DeFi product, also known as vDOT, was introduced.
Polkadot DOT started the month of September at $7.03 before falling to a low of $6.82 on September 7. The coin then retraced the positive move within five days to reach a high of $7.99. At the time of writing, Polkadot is trading at $6.32, down 3.02% in the last 24 hours.
However, this momentum could not be sustained for long as the coin started its downward journey with diminishing buying pressure. This affected the DOT’s Relative Strength Index (RSI), Chaikin Money Flow (MCF) and Money Flow Index (MFI). Currently, the RSI is marked below 50 and positioned at 42, and CMF is at -0.11, while MFI is stationed at 49.
Taking Polkadot’s circulating market capitalization into account, it is currently trading at $7.08 billion, down 2.81% in the last 24 hours.
As September ended on a bearish note, Polkadot is expected to bottom out in October as there is speculation that the coin has completed the triangle pattern. If the predictions are correct, DOT could even drop as low as $3.
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This post Polkadot (DOT) gets ahead of Ethereum and Cardano
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