Popular cryptocurrency analyst Benjamin Cowen revealed he’s super bullish on PolkaDot (DOT) and believes the crypto could triple in price. In an interview with Altcoin Daily, Cowen predicted that DOT has the ability to go 3 times higher from its all-time high of $55, which it reached in November last year. However, for that to happen, he explained that the overall crypto market needs to touch $10 trillion in valuation. At present, the cryptocurrency market cap stands at around $1.8 trillion and growing.
“If we can turn this train around and start trending higher and we’re looking at, say, the asset class as a whole going to – let’s call it $10 trillion in the next 18 months or something – then I think you could easily see Polkadot at a couple of hundred bucks. You’re talking about like a 3x on a prior all-time high,” said Cowen to 1.2 million subscribers of Altcoin Daily.
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Nonetheless, the analyst warned investors that the 3x DOT rally could occur only if the cryptocurrency market cap increases. He revealed that if Bitcoin dips and slumps further, the 3x rally might not be a reality.
“I should be clear. Those valuations for PolkaDot are almost assuredly not going to happen if Bitcoin is less than six figures. If Bitcoin is $50,000, a lot of these altcoin projects are not going to be able to make it to several hundred billion dollar market caps if Bitcoin itself is only just above a several hundred billion dollar market cap,” he said.
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You can watch Benjamin Cowen’s prediction on PolkaDot below:
PolkaDot is a ‘go-to’ crypto for day traders as the crypto displays volatility during its 24-hours trade. A typical day’s high vs days lows stands anywhere between $3 to $6 giving investors ample room to make profits. The crypto is known to bounce back after a dip thus making it a prime investment for quick returns.
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However, the volatility is seeing a decrease as DOT is either dipping or mostly trading sideways this month. DOT goes in tandem with Bitcoin’s performance and its price fares well when the market is up. However, a bull run seems to be nowhere on the horizon and DOT is expected to remain stagnant.
At press time, PolkaDot was trading at $17.02 and is down -5.7% in the 24-hours day trade. It is down -69.0% from its all-time high of $55.
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