DOT/USD 4-Hour Chart
Recent findings indicate that Polkadot’s (DOT) price action has been serving as a predictor of Ethereum price moves in the last few weeks. Analysts noted that DOT’s price movement correlates with the ETH price movement on the 15 minutes and 4 hours time frame. DOT lower trading volumes and the fact that 77% of the total supply is concentrated among 100 wallets partly supports this.
Recent data from Skew noted that the market valuation of wBTC is inching towards $1 billion. The circulating supply of 76,047 wBTC indicates more users are transferring BTC to Ethereum-based DeFi platforms for yield. However it is not possible to transfer Bitcoin to Ethereum, users convert BTC to wBTC, and then use wBTC on DeFi platforms.
The wBTC market cap. Courtesy: Skew
Image Credit: Skew, Shutterstock
bestadmin
