DOT Price Analysis December 2021
$DOT/USDT is a token of platform Polkadot. Its current price is around $31.38 by the time of writing, was at $4.95 at the start of 2021, and has a market cap of 31 billion dollars.
What is Polkadot?
Polkadot is an interoperable platform for blockchains built on a technology called Parachains and Parathreads. Gavin Wood founded it in 2016. Polkadot combines security with the convenience and flexibility of proof-of-stake (POS). PolkaDot aims to solve scalability issues by connecting people worldwide into a single blockchain. In doing so, PolkaDot empowers users to create their unique blockchains without compromising on security or performance.
Polkadot is a new, heterogeneous blockchain protocol. It is designed to provide an Infrastructure for a global decentralized web. It can create public, private, or consortium chains that share a token and security model. In addition, it can connect blockchains while allowing them to run independently.
Polkadot provides an on-chain governance mechanism for changes to the protocol, making it more adaptive than Bitcoin or Ethereum, which are hard-forking periodically to introduce new features or correct bugs.
What is DOT?
$DOT/USDT is the coin of the Polkadot platform, which is around $31.38 by the time of writing which was at $4.95 at the start of 2021. Its current ranking is #10 according to CoinMarketCap, with a market cap of 31 billion dollars.
It reached a high of $55 in 2021 with a low of $4.95. DOT coin aims to be an open-source and decentralized cryptocurrency, enabling safe and secure transactions and offering complete anonymity. In addition, it provides a permissionless platform for the global crypto community.
DOT Coin Market Analysis
The main reason behind the pump of $DOT coin is the announcement that Polkadot Parachain will be auctioning DOT coin. This may serve as a possible reason for future gains. It has a total supply of 1,103,303,471 coins worth around $31.38 with a market volume of 1.7 billion dollars, whereas the market capitalization is 31 billion dollars at the time of writing.
DOT Price Prediction
On the 8H timeframe, Its price shows a breakout of the falling wedge pattern, indicating strong bullish momentum, which gave it a rise of around 25% in the last seven days.
For any time, on-demand analysis on $DOT or any other coin can join our Telegram channel.
Nothing in this article is financial advice, and you should only invest in the market you believe is suitable for your portfolio.