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Polkadot ($DOT) has seen some significant headwinds recently, but has recovered most of what it lost in the past month. At one point, $DOT was trading at a low of $4.94, but has since bounced back up to $6.24.
The cryptocurrency markets have been going through a rough patch in recent weeks, with $BTC reaching $54,000. Polkadot ($DOT) has also felt the market slump, recently hitting a low of $4.94. The market appears to have recovered most of the lost ground, with $DOT trading above the $6 mark again.
The market will rebound right now
The cryptocurrency market appears to have recovered some of the ground it lost in recent weeks, when Bitcoin briefly plunged to $54,000. At the time of writing, $BTC was trading at $59,949 after holding above $60,000 yesterday. Polkadot has faced additional challenges amid the recent turbulent market conditions, including criticism over its high spending by the Treasury.
Due to market conditions and Polkadot challenges, $DOT was down 16% last month compared to the same time last week. However, Polkadot has regained some ground over the past week. Today, $DOT is up 0.46% on the 30-day chart.
$DOT started this week's session at $5.9 and rose to $6.27. However, sellers dominated the session, causing $DOT to fall below the $6 mark. However, buyers took control in Tuesday's session, and this sentiment continued throughout the week. $DOT hit a high of $6.49 this week, but was unable to break above that level.
$DOT is currently trading at $6.28, up 0.25% since the same time yesterday and up 4.22% on the 7-day chart.
Snowbridge usage skyrockets
Polkadot released its June 2024 report this week, which highlights the surge in Snowbridge usage, updates to the Alpha Program and parachains, and new features for the Generic Ledger app. One of Polkadot’s most notable developments in June was the increased usage of Snowbridge, the Polkadot-Ethereum bridge that launched less than a month ago.
Disclaimer: This article is provided for informational purposes only. It is not provided or intended to be legal, tax, investment, financial or other advice.
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