In an era of cryptocurrencies, there are plenty of projects taking the initiative to compete in the market. Polkadot is one of the eminent projects that provide extraordinary economic extensibility by enabling a common set of validators to secure multiple blockchains.
As well known, there are several altcoins that are alternatives to bitcoin and the Polkadot is one of the prudent ones. It aims at a peer-to-peer network, decentralized cryptocurrency, with a motive to weave all the different blockchains.
The DOT is the native token of this crypto project, and participates in governance decisions, including voting and bonding.
So, let’s dive in deep to know more about its fundamentals, historical price movements, and heated Polkadot price prediction running in the market.
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|Market cap||$ 45,869,127,212.0000|
|Circulating Supply||$ 1,043,358,373.7876|
|Trading Volume||$ 1,269,298,675.0000|
|All time high||$ 49.3500 May 15, 2021|
|All time low||$ 2.7000 August 20, 2020|
What is Polkadot (DOT)?
Polkadot was on board for development by the Swiss-based Web3 Foundation looking forward to providing a fully functional and user-friendly decentralized platform. In 2016, Gavin Wood, one of the Ethereum co-founders, mapped the project along with Peter Czaban and Robert Harbermeier.
As an Ethereum kickstarted, multiple computational tasks happened across the blockchain, which led to the advent of GAS fees. Developers must pay an extra fee as a return of computing energy to validate transactions! Hence, Polkadot evolved as a network that circumvents money spent on extra transactional fees.
Polkadot is one of the most pioneering projects based on a multi-chain framework that can be a competitor. It aims at providing the most advanced peer-to-peer network for numerous blockchains. The DOT network aims for a Strong interoperability approach with the circulation of its tokens. And thereby, it also introduced shared security of relay chain & parachains that was believed to outperform Ethereum. Soon Polkadot emerged as a Performant shared network in the market, providing multiple use cases. With its Sophisticated governance process, the Easy blockchain setup was possible!
Polkadot is a blockchain network that can be elucidated as ‘Internet of Blockchains‘, or multichain. The network’s plan-print quotes to a central ‘relay chain’ on which every transaction gets recorded and stays permanent and irreversible. However, an additional chain called the ‘parachain’ came into action. This extra chain, which can be user-created, does not require additional computational energy. Also, it can be fed to the relay chain anytime.
DOT is the network’s only native token and fuels the whole system. The token holders get to play a significant role in network changes decisions. They can also oppose the opinions of other holders on the platform.
Like most other altcoins, Polkadot also involves staking, but it works on a nominated Proof-of-stake consensus mechanism(nPoS). So anyone who stakes an amount of DOT token can also participate in the major network upgrade decisions.
Polkadot Price Prediction 2021
With a bullish run, DOT initiated the year 2021 with a trading price of $9.12 at the dawn of January. With certain variations, the currency started to surge further. It reached $42.98 by mid-May. However, it fell into a bearish trap on May 19, when the entire market collapsed and lost almost 50%, DOT price fell to three month low of $18.03 on 23rd May.
However, in June the price hovered around $20, followed by a huge dip that almost reached $10 in the mid of July. From there Polkadot kickstarted a study rise, in the month of August, the rally of the token saw a strong projection hitting the resistance level at $35.87 on 13th September 2021.
Polkadot Price Action in Q4:As Polkadot scheduled parachain auctions from November 2019 to January 2022, the DOT price is expected to hit a new ATH of $100. But if the asset falls for buy the rumor and sell the news, then the coin could eventually dip down to support level by $35.6.
The asset might reach newer heights as it is considered the fastest transacting cryptocurrency. Significantly, it may hit a new high if it succeeds to attain the minds of the investors with higher transaction rates. By the end of 2021, the digital currency might hit a positive high at $88.998.
However, considering the fact DOT is still a budding project, the average price it trades for is near $61.841. On the other hand, since the network stipulates only for limited parachains, the total effect may be nullified putting the price to a minimum of $35.813.
Polkadot Price Prediction 2022
If the altcoin manages to close on a maximum standpoint, then it may resume the trade for 2022 on a bullish note. In that case, it may begin trading at $68.161 to $75.67. On the other hand, if the DOT price stumbles at the end of the year, it may start trading near $49.841 as 2022 commences.
Further, the price is anticipated to rise if the currency enhances its user base as well as the investors. If the first even parallel blockchain system successfully paves way for global blockchain adoption, then DOT price may soar to as high as $150 too.
The price might decline if the market turns to another crash scenario wiping off all prime cryptos. If this happens, the Polkadot price can flip to $90.34 by the end of 2022. In contrast, with regular and buying pressures revolving in the market, DOT may trade at $102.913.
5 Years DOT Price Prediction
In 5 years, Polkadot might be the utmost currency to trade. Certain perpetual contracts by exchanges may lead to the growth of the currency and it might hit a new all-time high. The community might further extend collaborations from LINK to other prominent blockchain networks. With meager buys and sells, the trading price may strike at $213.11 somewhere in between 2023-24.
On such a string, by the end of 5 years, Polkadot is anticipated to trade above $300. With further upgrades of PoA and higher parachain rollouts, the price may rally further, to reach a maximum of $526.003. However, if the network falls prey to another hacking attempt anytime like it already did, then the price may also drop near $179.414.
DOT Price Market Prediction
The analysts associated with coinpriceforecast believe the DOT price would rally surrounding $83.98 by the end of 2021 and by the end of 2025, the price is expected to hit $226.97.
DigitalCoinPrice speculates the DOT price to touch $65.45 by 2021. The price is expected to surge and hit $132.95 by the end of 2025.
According to TradingBeasts.com, the Polkadot price might soar gradually. The website predicted DOT price could rise maximum to $47.944, minimum being $32.602 and the average price that it would trade will be around $35.806. By the end of 2025, the average Polkadot price is expected to surge a maximum of $68.388 by 2024.
According to Walletinvestor, the price is poised to go up to a maximum of $61.112 by the year’s end. The average price it would trade around would be $48.021 and it may fall to as low as $27.846. By the end of 2025, the price is expected to hit a maximum price of $150.515. Walletinvestor anticipates DOT to trade at an average value of 154.495 by 2025.
Our Polkadot Price Prediction
Polkadot entered the year 2021 with a cost of $9.12. Effectively, the coin started to grow after. According to Coinpedia’s formulated Polkadot price prediction, The community might come up with new improvements like enabling a multi-chain future. Also as the team has renowned advisors like Vlad Zamfir, we can expect better growth of this budding project that may let the currency to boom at $75.65 by the end of 2021.
On the flip side, Polkadot is surviving under a highly competitive crypto space. Still, a sketchy project, if the network fails to bring papers to action, then the price may fall bearish at $25.813.
|Year.||Potential High.||Potential Low.|
Historic Price Sentiments
The Polkadot foundation conducted a successful ICO in October 2017, raising over $140 million and sold nearly half of the 10,000,000 DOT supply. But unfortunately, the company was driven by losses which compelled them to conduct two rounds of private sales, one in 2019 and the other in 2020.
During the ICO days, a single DOT was priced at nearly $30 but in August 2020, the DOT holdings were redominated. Meaning, for the users who bought a coin for $30 were presented $100 new coins for $6 each. Therefore giving a total value of $600 for one coin.
The price started to trade at $5.20 in the mid of September and further started to fluctuate. It was trading at $4.42 in early October and further plunged to $3.86 in the mid of October. The price traded between $4.01 and $4.15 until the end of October.
The price has suffered major fluctuations at the start of November as the price plunged to $3.90. Later on, the price reached $5.88 at the end of November with the price plunge.
The price continued to trade at $ $5.36 in early December and further started to fluctuate. The price reached $5.47 in the mid of December. On a bullish note, the price reached $7.68 at the end of December 2020.
Polkadot is a project that aims to bridge the gap between n number of blockchains by building better coordination between them.
Polkadot is a highly volatile investment, which means you might see high gains. Its parachains enable faster processing of transactions in parallel. With such great prospects, investors are moving away from Bitcoin and Ethereum and investing in Polkadot.
NO, DOT is not an ERC-20 token but an asset build and developed based on the Polkadot blockchain platform.
Polkadot rates are projected to grow during the end of 2021, DOT Price might hit $50 by the end of 2021.