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Highlights
- At the time of writing, Polkadot crypto's price was up by 18.5 per cent in the last 24 hours.
- Polkadot is a user-driven governance system where all stakeholders have a voice.
- Polkadot started with an aim to enable a completely decentralized web where users are in control.
The Polkadot (DOT) crypto has caught investors' attention after the project updated the much-awaited parachain auction process on Wednesday, October 13. Under the auction process, projects are given slots for building on the Polkadot cryptocurrency network.
The first parachain auctions will commence on November 11, and the project has submitted a proposal for the same to the governance. This move is crucial as it will realize Ethereum co-founder Gavin Wood's vision for an interlinked blockchain framework.
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At the time of writing, Polkadot's one-day volume was up by 161 per cent to $5.4 million. Meanwhile, the price was up by 18.5 per cent in the last 24 hours to US$ 41.12 per token, according to CoinMarketCap.
What is Polkadot?
It is a platform where users can transfer various digital assets and data through cross-blockchain operations. According to Polkadot's website, it is on track to deliver security, innovation, and scalability.
Polkadot is a user-driven governance system where all stakeholders have a voice. DOT is the native utility token of this network, and it can be used for governance, staking and bonding over the network.
This project was started to enable a completely decentralized web where users control, and data is secured from any central authority.
The DOT crypto has a circulating supply of 1.04 billion tokens, and its total supply is 1.12 billion DOT tokens.
Is the DOT crypto's price performance better than Solana's?
The recent price performance of Polkadot looks better than Solana, a competitor with regards to market capitalization, the latter being the seventh-largest cryptocurrency in the world.
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The Polkadot crypto ranks at the eighth position with a market capitalization of $41.01 billion. Meanwhile, Solana's market cap is $45.4 billion, according to the live data from CoinMarketCap.
According to CoinGecko, the DOT crypto's price surged by about 20 per cent in the last 30 days, and Solana's price dipped by about 11 per cent in the same period.
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In the last 14 days, the Polkadot cypto’s price was up by 52.5 per cent, and Solana's price surged by about 12 per cent in comparison.
Meanwhile, it is essential to note that Solana's price skyrocketed by 6189 per cent since the past year and Polkadot crypto's price catapulted by nearly 881 per cent.
Bottom line
The price movements of the Polkadot crypto indicate that the cryptocurrency is in a bullish zone, and it could remain in that zone for the remainder of this year. However, it is essential to note that any world event could result in price fluctuations as the cryptocurrency market is highly volatile.
