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Highlights
- Polkadot is a platform for scalability, security and innovation, where users can transfer any type of digital asset and data.
- As cryptocurrency was trading in the green on Wednesday, September 1, Polkadot surged as much as 10 per cent.
- Polkadot is considered a rival to Ethereum's layer-2 scaling due to its cross-chains operational capabilities.
The cryptocurrency industry was trading in green on Wednesday, September 1, as investors focused on exploring traditional cryptocurrencies and altcoins. At the time of writing this, Bitcoin had gained 1.1 per cent and Ether was trading six per cent higher in the last 24 hours.
In the wake of a non-stop bull run in the cryptocurrency market, altcoins noted a rise as prices of crypto tokens like Solana and Polkadot surged. According to reports, the market cap of the global cryptocurrencies was standing at around US$ 2.1 trillion.
One altcoin that topped the crypto trending charts was Polkadot (DOT), which was up by 10 per cent and trading at US$ 30.56 per token.
What is Polkadot and DOT token?
Polkadot is a platform for scalability, security and innovation, where users can transfer any type of digital asset and data through cross-blockchain operations. This blockchain network can execute multiple transactions on different blockchains simultaneously.
DOT is the native token of this network, which is used for staking, bonding and governance over the network.
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According to CoinGecko, DOT token's market capitalization is approximately US$ 31.3 billion and it ranks in 9th place. As DOT token is said to be popular among investors, it has reached the circulating supply of 1,025,737,104 and its total supply is 1,106,686,237 DOT tokens.
Also Read: Dromos crypto: Price prediction and everything to know about DRM token
DOT token is available for trade on top exchanges like Binance, OKEx, Huobi Global, and HBTC.
DOT token price movements and prediction
DOT token has surged by 385 per cent in the past year and climbed by 21.5 per cent in the last seven days. Compared to the all-time low of US$ 2.7 apiece, Polkadot's native token was trading 1029.5 per cent higher on September 1.
Polkadot achieved a lifetime high of US$ 49.35 per token on May 15 this year. It had tumbled almost 50 per cent when the cryptocurrency market had crashed on May 19.
Some crypto analysts’ rate Polkadot as a rival to Ethereum's layer-2 scaling due to its cross-chains operational capabilities and efficiency. Hence, the current price movements indicate that the DOT token could breach its all-time high by the end of this year and touch the US$ 100-mark by the end of 2022 if the overall crypto market performs well.
Bottom Line
Diversification of digital assets is often considered to be a smart thing to do for crypto enthusiasts and traders. As the cryptocurrency market is highly volatile, it is important to do your research and form your own understanding on what the future holds.
Also Read: Automata is rising. What is the ATA crypto price prediction?
As blockchain technology is gaining prominence, it could be worth including Polkadot on your watch list before you decide to start investing in cryptocurrencies.
