Polkadot skyrockets nearly 30% to $10 billion market cap: What’s behind the rally?

Polkadot (DOT), the second-largest smart contract protocol in the cryptocurrency market by valuation behind , is up nearly 30% in the last 24 hours. Polkadot’s market capitalization has also surpassed $10 billion, solidifying its position as the fifth-biggest crypto asset.

There are several major reasons behind DOT’s strong uptrend: strong technical market structure, anticipation of scalable blockchain networks, and the craze around DeFi.

DOT/USDT daily price candle chart (Binance). Source: TradingView.com
DOT price and sentiment (daily). Source: TheTie