Polkadot (DOT) seems to be recovering from the recent market dip. DOT’s price has gained 3.2% in the daily charts and 6.4% in the weekly charts. Despite the rally, DOT is glowing red in the other time frames. The asset is down 8.9% in the 14-day charts, 13.3% in the monthly charts, and 54.5% since March 2024.
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Cryptocurrencies Recover Amid Bearish Environment
The cryptocurrency market seems to be slowly recovering from its recent dip. Bitcoin (BTC) has reclaimed the $83,000 price level after briefly falling below $80,000. DOT and other crypto assets have made slight gains over the last weekend. Despite the rally, the global crypto market cap has fallen 2.1% in the last 24 hours to $2.83 trillion.
The recent market dip was likely due to global trade wars and macroeconomic factors. The US recently announced tariffs on the EU. The US has also imposed tariffs on Canada and Mexico after a 30-day pause. The move has substantially harmed investor sentiment. DOT and other crypto assets have faced a significant price correction after the US’s tariff news.
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When Will Polkadot Reclaim Its All-Time High Of $54.98?
DOT is down by 92% from its all-time high of $54.98. The asset peaked in November 2021, during the previous bull cycle.
According to Changelly, DOT won’t reclaim its all-time high any time soon. The platform anticipates the asset to breach its previous high in June 2031, about six years from now. Changelly predicts DOT to trade at a maximum price of $55.53 in June 2031.
There is also a possibility that Polkadot (DOT) will reclaim its peak much sooner than predicted. The crypto market may enter another bullish leg later this year. If macroeconomic conditions improve, we may witness many crypto assets hit new all-time highs very soon.
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