What Is PolkaDot?
PolkaDot is a Blockchain Protocol helping to connect multiple blockchains into one unified network. PolkaDot was designed keeping in mind the web. Its vision is to help individuals to get control over internet monopolies. We will take a complete look at Polkadot price prediction after learning more about Polkadot crypto, coin and its tech briefly.
Polkadot is built on the Substrate development framework. It means teams can develop as well as customize their blockchain faster and efficiently.
PolkaDot can process many transactions simultaneously while blockchains can only process a limited amount of traffic. This process of parallel processing helps in improving scalability.
On PolkaDot, the networks and applications can share information and functionality, like the apps on your smartphone. PolkaDot offers cross-chain communication and interoperability, which was missing in the previous networks.
Communities govern their network as they see fit on the Polkadot network. Teams can customize and optimize the governance of the network as their needs.
The impressive thing about Polkadot is that you are not required to download or purchase any wallet. It has a mobile wallet that you can access from polkadot.js.org. Newcomers are unaware of this fact and end up spending a fortune on buying wallets.
Who Created PolkaDot?
Dr. Gavin James Wood created Polkadot in the year 2016. He is a British programmer who is a former co-founder and CTO of Ethereum. He also invented the language solidity and wrote the yellow paper explaining the Ethereum virtual machine.
Gavin Wood left Ethereum in 2016 and co-founded Parity Technologies along with Robert Habermeier and Peter Czaban. Dr. Gavin Wood also coined the term Web 3.0 and serves as the President of Web3 Foundation.
PolkaDot(DOT) Historical Price Analysis
Polkadot Foundation organized a profitable ICO in 2017. This ICO raised approx. $140 million. They sold half of its stock of 10,000,000 DOT coins. The company faced losses that required it to carry out two more rounds of sales. The first round happened in 2019 and the second one in 2020. The DOT token’s entry price was $2.70 in August 2020.
During the ICO days, a single DOT valued at around $30. The DOT holdings revived in 2020, which means $100 new coins of $6 offered to users who had purchased $30. So, the average price per coin is $600. Due to the Dot-token journey, the price of the token was six dollars at the start. But, there was a sudden fall of 2.81 dollars per token.
The introduction of redenomination contributed to a sudden market capitalization rise of several tokens from zero to over $5 Billion in a day. Therefore, in a very short period, Polkadot became the top ten cryptos. All this pushed the price of DOT to where it is today.
DOT Market Cap
The current CoinMarketCap ranking is #5. The DOT Market cap is 14,915,729,588 USD. DOT has a circulating supply of 905,654,669 coins.
DOT Circulating Supply And Total Supply
Polkadots Cryptocurrency DOT came and gained a place in the top 10 cryptos at the end of 2020. When Polkadot started, it was not even in the top 100. Now Polkadot is in the top 5 crypto coins. Its current market capitalization is $3.7 billion. The reason for this rise is something called “redenomination”.
Redenomination was unheard of before Polkadot. It saw one old DOT divided into 100 new ones. As a result, the total supply increased from 10 million tokens at Genesis to 1 billion.
Old total supply of Polkadot is 10,000,000. The new total supply is 1,000,000,000 (1 Billion). Polkadot gives the option of staking based on that the real circulating supply is approximately 500,000,000.
According to Polkadot scan, around 400,000,000 new DOT is at stake, which means that the circulating supply is low.
PolkaDot Price Today – Current Price
Polkadot current market price today is $16.42.
That’s at the time of writing this article. As with any Crypto, price volatility exists and the price may be different when you read it, so we encourage you to check Coinmarketcap for DOT current price.
PolkaDot (DOT) Future Price Forecast Prediction
There are several opinions on Polkadot Price Prediction. The first one is the wallet investor’s algorithms that have the bear trend. If we believe the sources, then it is said that DOT cryptocurrency will dramatically go down by more than 90%. The estimated price of a token at the end of 2021 will be around $23.68.
PolkaDot (DOT) Short Term Prediction
The Polkadot Price Prediction for the short term is that in the next five years, the price might reach $40. By the end of five years, the expected DOT price will be between $40 and $42.
PolkaDot (DOT) Long Term Prediction
Polkadot has a solid place in the world of crypto. In 2020, the DOT token took over the world trading venues and recorded fast price gains. The prices hit a new all-time high during the transition to 2021.
In the long run, Polkadot Price Prediction can contribute to a good investment. The price might reach up to $250 in 4 to 5 years.
PolkaDot Price Prediction 2021
As per the Polkadot Price Prediction, the coin saw an all-time low of $2.70 a year back. But later, it became a potential investment by showing stable growth. At the end of the year 2021, the DOT coin is expected to trade at $40.
PolkaDot Price Prediction 2022
According to Polkadot Price Prediction, DOT’s price would be trading around $25 or above at the start of the year 2022. It could go up to $75 at the end of the year 2022. It will be stable for months with very few price fluctuations.
PolkaDot Price Prediction 2025
As per Polkadot Price Prediction, in the year 2025, the prices are expected to be between $100 and $150 by January. The prices of DOT will be anywhere between $225 and $250 at the end of 2025.
PolkaDot Price Prediction 2030
The Polkadot Price Prediction for the beginning of the year 2030 is $500. By the end of the year 2030, the price can go up to $600+.
Is PolkaDot A Good Investment?
Polkadot is considered a better investment compared to some well-known coins available in the market. To determine whether it can be a good investment or not, we need to look at the top projects built on this chain. Investors are quite excited about the building of the project on the Polka chain. The number of projects working on the Polkadot chain is close to 253.
With the increase of new developers joining the platform, the Polkadots token price is gradually increasing. Investors are getting a good return on their investments. Take the example of a digital asset firm KRI, which announced a fifteen times ROI on its Polkadot investment. Another digital asset firm announced an investment program worth $20M to provide support to capable projects.
The price of the Polkadot token has been increasing steadily since the replacement. This one ranked in the top ten Cryptos.
Is PolkaDot Safe To Buy?
Polkadot is still outperforming the Crypto world. DOT is currently the Only Cryptocurrency in the market cap top 20. Polkadot entered slowly and saw a sudden surge of price close to $20.
DOT is overall bullish because of its fundamental outlook. DOT keeps scoring gains week after week of 31.83%. It has outperformed BTC and ETH. Polkadot saw a bull run after breaking the trading pattern in Dec 2020. However, the drop can be considered a short-term bearish sign.
Even with its steady downtrend, DOT has been able to outperform the market by a large margin. The short-term bearishness of the market arguable makes DOT price comes as a far better value preserving option.
All the arguments point that DOT is safe to buy compare to other cryptocurrencies.
How To Buy PolkaDot? Step By Step Guide
If you are interested in PolkaDot, here is the step-to-step guide on how to buy PolkaDot:
Step 1: First thing you will need is to open an online account. You will need a Crypto broker that makes it easier to buy and sell Cryptocurrency. The broker allows you to convert your fiat currency into Polkadot. There are exchanges like Kraken, Coinbase, and others through which you can do this.
Step 2: Next step is to buy a wallet. A Cryptocurrency wallet allows you to store your cryptos with a private set of keys. These wallets are mobile or desktop apps.
For the utmost security, you should invest in cold wallets available on sites like amazon. They are like flash drives that you can connect to your computer or mobile device to transfer your coins into the wallet. The cold wallet stores the coins offline and will allow only you to access them.
Step 3: The final step is to make your purchase. Now you need to place your order through the broker trading platform.
Types Of Polkadot Buy Orders You Can Place
There are different types of buy orders. Each buy order has a different set of instructions for your broker for your trade. Some of them are:
- Market orders: These get executed as soon as possible. It is perfect for those who want a quick purchase. It will not give you much control over the asset.
- Limit order: In this, you can set a limit to your order. If the token price you have invested in falls to your set limit, then your broker will fill the order otherwise your broker will not fill the order.
- The Recurring Order: You can also invest in a set schedule. You can set a limit that you want to buy a set order of Polkadot on the first of every month. If your broker allows, you can set recurring orders on annual, monthly, weekly, or even daily.
- Stop limit order: This order gets executed under a specific price bracket. You need to set a stop limit for your Polkadot with a stop price and limit price. In this case, your broker will start filling your order as soon as it reaches the stop price. If the price exceeds your limit price, the broker will stop.
Best Crypto Exchanges To Buy PolkaDot
There are many Crypto Exchanges from where you can buy Polkadot. The best among them are:
Take extra precautions with the fees, verification method, payment method, and security while selecting a marketplace for Polkadot.
Takeaway – PolkaDot Price Prediction
- PolkaDot is a Blockchain Protocol that helps to connect multiple blockchains into one unified network.
- DOT s entry price was $2.70 in August 2020.
- Redenomination increased the total supply from 10 million tokens at Genesis to 1 billion.
- The Polkadot market cap is 14,915,729,588 USD.
- The year 2021 may end with a Polkadot price of $40
- By the end of 2022, the Polkadot Price Prediction may reach up to $75.
- The end of 2025 may see the price of Polkadot around $250.
- The start of 2030 can see the price at $500+.
- The prices of DOT to the Polkadot Price Prediction will reach $600 in four to five years.
- Polkadot is considered a good investment.
- You need to be careful before buying Polkadot as you need to keep some parameters in mind.
- There are many exchanges from where you can buy Polkadot.
I am a data analyst by profession who loves to crunch numbers at daytime and come home wondering how my passive income numbers for the day look like. I believe in being rich rather than looking rich. Follow me for Cryptocurrency, FIRE, Personal Finance, Credit Cards and Digital Nomad updates