Decided you want in on the action? You can buy DOT on Coinbase, Webull and Crypto.com. Our team is diligently working to keep up with trends in the crypto markets. Keep up to date on the latest news and up-and-coming coins. Security and interoperability between various blockchain protocols are the goals of the Polkadot (DOT) network. Polkadot uses a relay chain to connect and secure these multiple protocols. The linked blockchains or parachains transport both data and tokens across ecosystems per the Polkadot network. Interoperability makes Polkadot a multi-chain ecosystem where cross-chain registries and computation are possible. As of September 2021, the DOT price has blasted through a critical resistance, indicating that the bulls are applying buying pressure to the markets. This buying pressure puts DOT in a position to undergo another move to the upside. DOT could soon retest its all-time high in a truly bullish scenario. Polkadot has also recently made a sensational move into the hugely popular decentralized finance (DeFi) space, announcing its planned integration of the borrowing and lending platform Cream Finance (CREAM). The Cream Finance protocol enables account holders to use their cryptocurrencies as collateral. Users can take out loans without the risk of default, and the borrower has no chance of losing their funds. The total value locked (TVL) on Cream Finance has surpassed $1 billion. Polkadot is on track to integrate a variety of smart contract platforms shortly. Contents Engineered by former Ethereum developer Gavin Wood, Polkadot is a layer-1, high-performance, secure and scalable blockchain protocol that bridges numerous blockchains into 1 network. The blockchain-construction framework, Substrate, was used to build the relay chain that drives Polkadot. Polkadot makes developing decentralized apps (Dapps) easier. Some of the more notable project’s building on Polkadot are Moonbeam, Edgeware, and Centrifuge. The DOT token plays a significant role in the Polkadot network. DOT facilitates staking, governance and payments on the platform. Staking your tokens works in a similar way to a traditional savings account where you deposit cash and earn interest on your savings. Polkadot uses a proof-of-stake consensus mechanism. When you deposit or stake, you earn DOT for using your tokens to help validate transactions on the Polkadot network. The market cap of Polkadot as of September 2021 is around $32 billion, ranking it the 9th biggest cryptocurrency according to CoinMarketCap ($32,488,311,127). The current price of a single DOT token is around $30. Market cap is the most important factor when establishing the actual market value of a network’s circulating token supply. The price of the asset is inconsequential, so you shouldn’t focus too much on it. The market cap helps reveal how risky an asset’s investment is and if there is room for a project to grow. Also, a higher market cap gives investors more liquidity, allowing them to cash out quickly. Polkadot continues to onboard projects onto its network. Fintech company Liechtenstein Cryptoassets Exchange (LCX) recently announced it had chosen to leverage the Polkadot network to advance its security token standards. LCX is also bringing its DeFi terminal called Fire Salamander to Polkadot. Fire Salamander is a powerful decentralized exchange (DEX) aggregator that currently runs on Ethereum. Now LCX will propel Fire Salamander even further and expand the system by building on top of Polkadot’s parachain technology. Polkadot’s mid-level (about $30 billion) market cap shows there is much room for Polkadot to grow compared to Ethereum’s $450 billion market cap or that of Cardano’s at $90 billion. Analysts identify the potential capacity for Polkadot to increase in value. The Polkadot ecosystem is forecasted to grow exponentially and, with it, the price of the DOT token. The Crypto Profit podcast provides excellent technical and fundamental analysis and believes in the long-term prospect of the Polkadot ecosystem. He thinks Polkadot’s aggressive moves into the DeFi space and increasing utility will be catalysts for price growth of the DOT token. The lending platform Parallel Finance aims to fortify its development as a DeFi alternative to Ethereum. Parallel will leverage the Polkadot ecosystem to build a suite of automated market making, staking and derivatives services for Polkadot. If bullish market sentiment continues, he sees Polkadot reaching new all-time highs by the end of the year, reaching prices between $80 to $120. The Shrimpy Academy is made up of blockchain educators helping investors build profitable portfolios. Although Shrimpy believes Polkadot could take significant market share from Ethereum, he also sees a possible bearish scenario for the project. He cites that Polkadot’s 100 parachain limit may discourage smaller projects from competing in the ecosystem. Also, only Polkadot’s relay chain is live; the Polkadot network itself isn’t. Therefore, it is hard to tell if the Polkadot transaction fees are significantly lower than Ethereum’s. Other competing ecosystems like Solana and Avalanche could also grab substantial market share and overtake Polkadot. If the bearish scenario plays out, Shrimpy didn’t give a price prediction but sees a solid move to the downside for the price of DOT. You can buy the DOT token at several exchanges, including Coinbase, WeBull and Crypto.com. Coinbase is one of the most easy-to-use exchanges, and Binance has the lowest fees and other unique advantages. However, Binance’s full platform is only available outside of the U.S, so if you’re from the States, you should consider some of the aforementioned alternatives.
Coinbase is one of the Internet’s largest cryptocurrency trading platforms. From Bitcoin to Litecoin or Basic Attention Token to Chainlink, Coinbase makes it exceptionally simple to buy and sell major cryptocurrency pairs. You can even earn cryptocurrency rewards through Coinbase’s unique Coinbase Earn feature. More advanced traders will love the Coinbase Pro platform, which offers more order types and enhanced functionality. Though Coinbase doesn’t offer the most affordable pricing or the lowest fees, its simple platform is easy enough for complete beginners to master in as little as a single trade.
Webull, founded in 2017, is a mobile app-based brokerage that features commission-free stock and exchange-traded fund (ETF) trading. It’s regulated by the Securities and Exchange Commission (SEC) and the Financial Industry Regulatory Authority (FINRA). Webull offers active traders technical indicators, economic calendars, ratings from research agencies, margin trading and short-selling. Webull’s trading platform is designed for intermediate and experienced traders, although beginning traders can also benefit. Webull is widely considered one of the best Robinhood alternatives.
Gemini is a cryptocurrency exchange and custodian that offers investors access to over 100 coins and tokens. Founded in the US, Gemini is expanding globally, in particular into Europe and Asia. Offerings include both major cryptocurrency projects like Bitcoin and Ethereum, and smaller altcoins like Orchid and 0x. Gemini is 1 of the only brokers with multiple platform options based on skill level. New investors will love the streamlined interface of Gemini’s mobile and web apps, while advanced investors might appreciate all the tools that come with ActiveTrader. In addition to a host of platform choices, Gemini users also have access to insured hot wallets to store tokens without worrying about digital asset theft. Learn more about what Gemini can do for you in our review.