The growing crypto world has enabled the rise of new projects which aim to bridge the gap between the traditional financial system and that of cryptocurrencies. Started back in 2017, Polkadot came in mainstream media recently, when it secured its position in the top 10 from nowhere.
In this writing, the complete history of the token and future estimate is covered with accurate information.
What is Polkadot?
Polkadot is considered as 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.
Polkadot was developed by Swiss-based Web3 Foundation looking forward to provide a fully functional and user-friendly decentralized platform. The main features of the polkadot platform are listed as,
- Strong interoperability approach
- Shared security of relay chain & parachains
- Performant, sharaded netwrok
- Sophisticated governance process
- Easy blockchain setup
After conducting an ICO in 2017, Polkadot launched an experimental and unaudited version called ‘Kusama’ in 2019 and recently, in May 2020, the Polkadot mainnet was launched.
Polkadot’s native token is DOT which intends three main purposes- governance over the network, staking and bonding. In September 2020, a sudden spike in the market capitalization made the token enter the top 10 cryptocurrency list. However, Dot is not an ERC-20 token, rather a Polkadot blockchain based cryptocurrency.
Polkadot(DOT) Price Today
Polkadot currently manifests a great potential in reaching highs. The asset which had dipped in the past couple of days has risen to heights in very small time frame. However, it always gave a tough try to reach to its current all-time high but woefully dipped below.
DOT price is $4.28 with a massive gain of 7.40 percent in the last 24-hours which is considered as a good start to enter the correction phase. Currently, the community has showcased intensified buying which is giving a nice push to the DOT price. The most prominent aspect for the asset would be to break the current all-time high and move to new levels.
Polkadot(DOT) Technical Analysis
The polkadot foundation conducted a successful ICO in October 2017, raising over $140 million and sold nearly half of 10,000,000 DOT supply. But unfortunately, the company was driven by losses which compelled them to conduct two rounds of private sale, one in 2019 and 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.
Considering the journey of DOT token, it initiated with a redonimated price of $6 but later a sudden crash led the token down to $2.81. With the new redonimation, many tokens were created which led to a sudden spike in the market capitalization from zero to more than $5 billion within a day. Hence it entered the top 10 cryptocurrency list in a very small time frame.
The current technical indicators for DOT are as follows,
- Price at press time is recorded as $4.28
- The resistance level for the current price is $4.58
- The support level is formed at $3.76
- The current technical indicator points at ‘buy’ signal
However, if the token successfully clears the current resistance level, the next level to clear are formed at $5.61. Further to this, another push is subsiquently required to push the prices to touch and surpass the current all-time high at $6.84.
DOT Price Prediction
Polkadot Price Prediction for 2020
As mentioned earlier that DOT price has manifested the potential to surpass the current all-time highs. In order to do so, the first level to cross would be surrounding $4.5 which is speculated to be attained by November 2020.
Further to this, the price are expected to surge even more to hit the next target set around $5-$5.4 by the end of 2020 in december.
Polkadot Price Prediction 2021
Polkadot price in the start of year 2021 is expeceted to carry forward the price in December 2020. The price of the digital asset is expected to swing in between $4.5 to $5.3 in January 2021.
Further, by mid of 2021, in June-July 2020, the asset is expected surge accumating nearly 20-25 percent gains. The DOT price is expected to surge to $7 to $7.25 by the mid 0f 2021 and by the end 0f 2021 in December, the price may come close to $10.
Dot Price Prediction for 2020-2025
The DOT price is as per analyst has a steady growth and possess less frequency of a steep decline. However, the market behaviour cannot be fully determined as it tends to swing at its own pace.
The start of 2022 would be a good phase for DOT to be priced above $8 or at higher side, the price could touch $10 too. The 2022 would end escalating the price above $11 levels which might go as high as $12.
In January 2025, the prices are expected to rally close to $20 to $25 which is anticipated to touch above $35 by the mid of 2025. The 2025 would end by bringing the DOT price to somewhere around $40 to $42 in december 2025.
Polkadot (DOT) Market Prediction
Cryptocurrency price prediction
The analysts associated with cryptocurrencypriceprediction believe, the DOT price would rally surrounding $40 by the end of 2025.
Digital coin price
Digitalcoinprice speculates the DOT price to touch $8.43 by 2021. However, their prediction for DOT price in 2025 is pretty low than the above. They anticipate the price to swing near to $13.91 by the end of 2025.
Changelly.com has predicted a nail-bitting prediction for DOT in the coming days. They present with a very scary prediction that the DOT price is expected to fall more than 90 percent and by the end of 2020 or start of 2021, the DOT price would crash down to $0.2.
Our Polkadot Price Prediction
Analysing the market predictions of the polkadot currency and based on research conducted by our team, we also speculate a good DOT momentum within the crypto space. We also believe DOT price can surge recording decent gains till the end of 2020, which could continue in the coming years.
The DOT price as per our analysis also may touch $13 to $15 by 2022 which could touch $20 in the next couple of years.
Polkadot Recent Updates
Recently, Polkadot was featured as one of the 10 diverse projects in ‘Scanning the European Ecosystem of Distributed Ledger Technologies for Social and Public Good”
Summarizing the whole story, the Polkadot project and its native currency ‘DOT’ intend to provide access to multiple blockchains with strong coordination between different blockchains. The project has good potential to surge to good heights but as mentioned above the market fluctuations do not occur in favor of any project or asset.
After understanding the composition, we hope you might have got a clear picture about the Polkadot project and DOT’s possible price in the coming five years.
So, when do you feel is the appropriate time to invest in the DOT project? Do let us know after conducting your own research.
Polkadot is an project that aims to bridge the gap between n number of blockchains by building better cordination between them.
The current all-time high lies more than $6 which is pretty tough for the DOT to attain by the end of 2020. But yes, it may surge above the levels in the coming year.
As per some analysis, DOT price is however expected to reach $40, but the path seems to be pretty tough.
NO, DOT is not an ERC-20 token but a asset build and developed based on Polkadot blockchain platform.