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Polkadot outperforms most major cryptocurrencies like Ethereum and Cardano

Polkadot had the highest developer activity in September, surpassing most major cryptocurrencies of the world like Cardano and Ethereum. In spite of the biggest crypto events like the vasil hard fork for Cardano and the Merge of Ethereum, Polkadot took the first place. Cardano and Ethereum took the second and third place with 455 and 400 GitHub events.

Polkadot outperforms most major cryptocurrencies like Ethereum and Cardano
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The growth in developer activity of Plokadot has two reasons behind. The first is a new network upgrade that is to come for the network, highly anticipated on 7 September and the second is the launch of a new DeFi product called as vDOT on 13 September

The native cryptocurrency of Polkadot, DOT, with the price of $7.03 started the trading  month. 

Polkadot owes its success to a support by buyers in the market which surged its price to a high of $7.99 by 12 September

The price of Polkadot fell when purchasing pressure faded. This decrease in purchasing pressure prompted the asset's Relative Strength Index (RSI), Chaikin Money Flow (CMF), and Money Flow Index (MFI) to break their respective neutral levels in downtrends by September 12.

DOT started the month with a circulating market capitalization of $8.07 billion, though it had a decline in its circulating market capitalization. DOT's circulating market cap was $7.44 billion at press time, down 4% in the previous 30 days.

See also: buy and sell Polkadot

Furthermore, the overall proportion of DOT supply held by whales with more than $5 million in DOT declined gradually during the review period. Santiment statistics showed that this had reduced by 1.16% in September, to 42% at press time.

Furthermore, the enormous degree of uncertainty that blanketed the overall cryptocurrency market aided DOT's success. According to Santiment statistics, DOT whales gradually lowered their overall supply during the last 90 days.

Related: Ethereum price

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