Polkadot crypto price prediction: Connecting all blockchains

Polkadot crypto price prediction: Connecting all blockchains

After a strong April 2022, the price of DOT, the native cryptocurrency of the Polkadot blockchain, declined by over 50% to $11.22 on 16 May 2022.

Triggered by overall negative market sentiment that saw bitcoin (BTC), the number one cryptocurrency by market capitalisation, fall to $26,000 levels for the first time since 2020, the polkadot token has been also acting bearish.

Currently in the final stage of its development, polkadot aims to connect all the blockchains through one platform. Will it be able to succeed, and what is in store for the polkadot crypto forecast? Read on for our analysis.

What is polkadot coin?

Founded in 2016 by Ethereum co-founder Gavin Wood, the Polkadot network is one among many software competitors aiming to incentivise a global network of computers to operate a blockchain, on top of which users will be able to launch and operate their own blockchains.

The project is being developed by Web3 Foundation’s Parity Technologies, which focuses on the development of innovations that break down centralised online services and enable institutional innovation.

Unlike similar projects such as Ethereum, Cosmos and EEOSIO, Polkadot’s protocol connects a whole network of purpose-built blockchains, allowing them to seamlessly operate with one another, through its so-called parachains.

Polkadot allows for a number of transactions to be conducted at once and is easy and open for more innovations and collaborations due to its collaboration with other blockchain protocols.

Additionally, the network enables blockchains to upgrade without having to fork the chain, which used to take months and at times split the community.

The Polkadot network is powered by DOT, which has three leading purposes:

  • Governance: DOT holders have complete control over the Polkadot protocol like deciding which events take place within the protocol (upgrades and fixes) through voting.
  • Staking: through storing funds in a digital wallet, users can earn DOT tokens by running operations on the blockchain. There are four ways in which DOT holders can interact with the staking system.
  • Bonding: DOT holders can block a certain number of tokens for a certain period of time.

DOT holders can become:

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As of 16 May, the total supply of DOT coins stands at over 1.1 billion, with over 987 million tokens in circulation, according to data provided by CoinMarketCap. The cryptocurrency has a market cap surpassing $10bn, ranking it as the 11th biggest cryptocurrency.

Polkadot chart analysis: Does Polkadot have a future?

DOT to USD chart, August 2020-May 2022

Polkadot launched in late August 2020 at $2.875. For the next six months, the DOT token price moved sideways before gaining some momentum in mid-January 2021. It jumped 187.4% since its launch to hit $8.2641 by 12 January 2021.

The token continued on a bullish trend, skyrocketing to $39.7 by 21 February 2021 – a 380% surge in a little over a month. However, positive sentiment did not last long as DOT dropped below the $32 mark in the next four days and continued to fluctuate between $33 and $38 for the entirety of March 2021.

By 14 May 2021, the DOT cryptocurrency surged to $47.95, a then all-time high, ahead of Polkadot’s launch of parachains – the network’s final launch in a series of multi-phase processes. On 23 May 2021, however, the token dipped by over 60% to $18.03 as Polkadot nodes failed with an out of memory error while trying to build a block. While the nodes themselves did not crash, their runtime did. It kept a bearish trend throughout the summer months, falling as low as $10.98 in mid-July.

The polkadot coin price started to resurface once again at the start of September 2021 following news that the crypto was planning the launch of its cross-consensus messaging format.

On 4 November 2021, DOT reached its all-time high, surging by over 390% since its July lows to $53.88, as the network announced the passing of referendum 42 in a community vote that would enable parachain registration and ‘crowdloans’.

The following day, Polkadot announced the passing of referendum 41 in a separate community vote, which saw the registration of its first parachain, keeping the polkadot token valued above $50 for the next few days.

A Polkadot technical analysis provided by CoinCodex showed the short-term sentiment for the token was largely bearish at the time of writing (16 May).

What is your sentiment on DOT/USD?

A Relative Strength Index (RSI) reading of 38.73 indicated neutral territory. A reading of 30 or below would indicate the asset has become undervalued and a trend reversal is likely. Meanwhile, the token was trading above its three and five-day moving averages (MAs) but below its 10-day MA.

Following its November 2021 success, the token embarked on a bearish trend losing over 79% of its value since its all-time high and reaching $11.22 by 16 May 2022.

Is polkadot a good investment?

Recent DOT crypto news has seen the platform developing its parachain rollout stage, the final part of the Polkadot v1 launch process. As of 16 May 2021, the Polkadot community is on the final stage of voting to enable parachain functionality via a runtime upgrade. Once the vote is complete, parachains will be live on Polkadot and the network’s launch will be complete.

SmartBlocks and Fanatics Media fonder Mark Fidelman told Capital.com:

“Overall, the DOT is down but it’s not as down as other tokens. So, this is a good sign. What’s driving it, of course, are all the parachains… I believe the infrastructure that Polkadot is creating is driving the [token’s] value because there’s true value here.”

On 3 May 2022, cross-chain functionality went live on Polkadot which, according to BigOne Exchange chair in Asia Anndy Lian, “sets an example for interoperability and sets the tone for their network expansion of substrate-native assets and tokens”.

“DOT can now be used on several DeFi apps and on their parachains involving yield farming, borrowing, lending and liquidity sharing. As their cross-chain use cases increase within their ecosystem, I hope to see positive trends in their pricing too,” Lian noted.

Future Polkadot upgrades include the development of the Cross-Chain Message Passing, which will allow parachains to exchange messages with other parachains. As well as the launch of parathreads, that temporarily participate in Polkadot security without needing to lease a dedicated parachain slot.

Following the recent crypto crash surrounding stablecoins, many investors are looking to turn towards more trustworthy cryptocurrencies. Media Coin LLC founder Jeff Freiberger told Capital.com:

“There have been some recent press mentions that [DOT] is a good one to invest in and it shows how hard the market is looking for some hope to bounce back with many people ready to buy in. I think people are finding value in its uniqueness to connect to several different blockchains.”

Freiberger added that the DOT/USD future price had a lot of potential to resurface due to recent positive coverage around the cryptocurrency.

“The fact that news is circling it in a manner that gives the consumer hope is a good thing. I also see a lot of cryptos eventually growing again after the final current sell off is reached.”

SmartBlocks’ Fidelman added that the token has potential to be better adopted by the wider market, however, it also runs several risks, like a failed mission to unite all blockchains in one.

Polkadot prediction 2022-2025, 2030

Despite the latest downward price action, algorithm-based forecasting service Wallet Investor gave a bullish DOT crypto price prediction at the time of writing (16 May). The site noted that DOT was “an awesome long-term investment”, adding that it has a long-term earning potential amounting to 348.53%.

Based on its analysis of past price performance, Wallet Investor expected that DOT could be valued at $20.549 in 2023. The polkadot long-term price prediction was expected to reach $50.379 by 2027.

DigitalCoinPrice supported the positive DOT coin price prediction but saw a much slower pace of growth in the following years, projecting that the polkadot 2022 value could grow to $14.62, reach $20.26 by the end of 2024 and jump to $25.48 in 2025.

By the end of 2028, the site predicted the DOT coin could reach $39.37. The price of polkadot in 2030 was projected to grow to $54.12.

Note that predictions about the future of DOT can be wrong. Forecasts and analyst expectations shouldn’t be used as a substitute for your own research. Always conduct your own due diligence and rely on your own projections. And never invest or trade money you cannot afford to lose.

 

Original Source: https://capital.com/polkadot-forecast-will-dot-price-rise

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

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Blockcast.cc Roundtable Discussion in South Korea: Connecting Global Gaming Markets

Blockcast.cc Roundtable Discussion in South Korea: Connecting Global Gaming Markets

Blockcast.cc organized a further roundtable meetup focused around the gaming industry in South Korea on 21 January 2020. This particular roundtable was held with the intention of further developing the gaming market and bridging the gap between gamers in Europe and gamers in Asia.

Blockcast.cc (www.blockcast.cc) led by Jenny Zheng, is a Singapore based blockchain media company with special interest in the gaming market. Blockcast.cc have successfully strategized blockchain gaming companies that are in sectors such as online casino, horse racing, esports and more. This time in Korea, they wanted to explore new partnerships and realize more gaming companies working together.

(From left to right- Anndy Lian, Peter Lee, Clive Aroskin, Jenny Zheng)

During the roundtable meeting, Gaimin.io and Nix Mobba successfully agreed to explore working together.

Nix Mobba (www.nixblock.com) is an international company that focuses on gaming related services like payment processes and digital assets. Their CEO James Kim, a serial entrepreneur, most recently invested into fashion as well. James and his team are very active in the esports arena with their own professional sports team and clothing brand and also organize regional esports events. Nix Mobba are registered in both South Korea and Singapore.

Gaimin.io (www.gaimin.io), a UK company based out of Manchester, is a blockchain powered gaming platform that allows passive monetization of gamer’s GPUs when not being used for gaming. Gamers are rewarded with the Gaimin.io native GMRX crypto token which can be used as a payment method directly on the Gaimin.io platform’s marketplace allowing gamers to enjoy an improved gaming experience. Clive Aroskin, COO of Gaimin.io had specially travelled over from meetings in Switzerland, to be present.

Nixpay is one of Nix Mobba’s product lines that allow gamers to convert digital assets into Korea’s currency, the won, and vice versa. Both James and Clive met each other for the first time and both of them liked the idea of connecting gamers from both markets together.

(From left to right- James Kim, Park Bong Kyu, Anndy Lian, Clive Aroskin, Jenny Zheng)

“Nix has access to the Korean and Chinese markets. Our technology is mature and has proven commercials. It will be good if we can capture the European market through Gaimin.io. We have connected our technology departments together this afternoon and this starts our intention to collaborate.” James remarked.

“A big thank you for the roundtable table organized by Blockcast.cc. We had really good discussions on how to work together with Nix Mobba. We have also managed to meet many other friends in Korea who are gaming centric and fully understand the vision of how our platform will change the gaming market. My team were delighted to hear this news and are already working hard to create a formal MOU with James.” Clive said. “Our third IEO with Biconomy gives us even more confidence and a wider reach of target audiences. This latest IEO work gave us the opportunity to return to Korea and meet partners like Nix to further our journey.”

“I flew in specially for this roundtable event and it was worth the effort. I have met numerous gamers over this series organized by Blockcast.cc and many of them want to see what blockchain can do for the gaming industry. I also managed to get a glimpse of the Gaimin.io mining plugin on Clive’s laptop and it looks great! Now, we are looking forward to the public download for the mining plugin.” Anndy Lian, Member of Gyeongsangbuk-do Blockchain Special Committee, Government of the Republic of Korea commented.

The roundtable series is part of the Blockcast.cc roadmap to reach out to blockchain companies. Blockcast.cc also aims to interview 150 blockchain professionals and organize their flagship event “Redecentralise” in 2020. For more information about Blockcast.cc, visit www.blockcast.cc/interviews.

Media Contact

Company: Blockcast.cc
Media Contact: Jenny Zheng
Title: Editor
Contact Number: +65 9883 2707
Country: South Korea

Original Source: https://blockcast.cc/press-releases/blockcast-cc-roundtable-discussion-in-south-korea-connecting-global-gaming-markets/

Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author “Blockchain Revolution 2030”.

Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.

An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.

j j j