POLKADOT is one of the newer cryptocurrencies to hit the market – and it has proven to be popular with investors.
Its value has fluctuated so far in 2021 but has currently increased 360% since January 1st.
Polkadot’s value fluctuated over the course of 2021
Whether it will continue to rise remains to be seen, but experts and fans are optimistic in their price predictions.
However, investors need to know that depositing cash in cryptocurrencies is not a guaranteed way to make money – and you can, in fact, lose everything.
Due to their high volatility, cryptocurrencies are even riskier than other investments.
In other words, you should never invest any money in something you do not understand or more than you can afford to lose.
Newer cryptocurrencies are also riskier than more established ones like Bitcoin and make you more susceptible to scams.
There is also no guarantee that you will be able to convert cryptoassets back into cash as this may depend on the demand and supply in the existing market.
What is polkadot?
The Polkadot project was founded in 2017, but the cryptocurrency wasn’t launched until May last year.
It enables cross-chain transfers of any type of data or asset, not just tokens, and makes a number of blockchains interoperable with one another.
In essence, it’s an exchange and translator between multiple blockchains – most of which are not designed to communicate with others, Myron Jobson, Interactive Investor’s personal finance campaigner, told The Sun.
He added, “To put this into context, developers can choose from a wide variety of blockchains to build applications on – each with their own strengths and weaknesses to use when deciding where to develop. have to think.
“Polkadot aims to solve this problem by enabling interoperability between chains.”
What is the Polkadot Prize?
According to CoinMarketCap, the price of Polkadot is currently at $ 30.27, up 5.48% over the past 24 hours.
It hit its all-time high at $ 47.95 on May 14, but then bottomed out in mid-July.
It has continued to rise since then, reaching $ 31.47 on August 31.
By comparison, it was only worth $ 8,3068 on Jan 1st.
Danny Butler, investment specialist at Finder, told The Sun, “One of the biggest drivers of this recent momentum is the upcoming parachain auctions.
“These auctions allow the community to vote on what additional features and network upgrades to add in the future.
“There are a few other factors that explain this surge as well; with a number of projects keen to roll out on the network, an increase in daily trading volume over time, and a wider rebound in Bitcoin and the crypto market in general.”
Polkadot Price Predictions for 2021
Many experts and fans have predicted how the price of polkadot will change in the future, but, as always, remember that nothing is guaranteed.
For example, WalletInvestor has set a one-year forecast of $ 47.262 and a five-year forecast of $ 135.288.
While Coinpriceforecast expects it will take until 2023 when the price climbs above $ 50 and hits $ 58.11.
However, the site is not as bullish as WalletInvestor and expects the price to be only $ 86.21 by the end of 2033.
By comparison, Longforecast expects the crypto to hit a value range between $ 97.70 and $ 121.26 in December 2023.
Mr Butler said Polkadot “has the potential to grow significantly” thanks to new projects that continue to join the network.
However, as with any cryptocurrency, it could also dive, which generally depends on the success of the broader cryptocurrency market.
Mr. Jobson added, “The mechanics of the network are certainly fascinating, but as with all cryptocurrencies, Polkadot’s success depends on the widespread adoption and strength of its systems.
“There is still a long way to go to prove that his model works.”
We have also published price predictions for other cryptocurrencies, including Ethereum, Dogecoin, Cardano, Litcoin, and Chainlink.
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