With the approval of Bitcoin’s ETF confirmed and the ongoing altcoin season, alongside various market factors, several alternative cryptocurrencies are vying for top positions in the crypto market this year. Notably, Polkadot has emerged as a standout performer, experiencing substantial price surges that seem poised to endure in the coming months. What can we anticipate for Polkadot’s price in 2024? Is there a likelihood of a new bullish trend for DOT? Let’s take a look at this in this Polkadot price prediction for 2024.
What is Polkadot (DOT)?
Established in 2017 by the Swiss non-profit organization Web3 Foundation, Polkadot is a blockchain project led by Dr. Gavin Wood, a co-founder of Ethereum and contributor to the development of the Solidity programming language for smart contracts. The project’s initial coin offering (ICO) in 2017 garnered $145 million in funding.
Initially, the network issued 10 million DOTs as network tokens. However, for the sake of simplicity, the number of DOTs increased to 1 billion in August 2020. Despite being in continuous development, a substantial portion of the network’s intended functionalities is now operational.
How has the Polkadot Price moved in the recent days?
As of today, the price of Polkadot stands at $7.50, accompanied by a 24-hour trading volume of $441.53 million. The market capitalization of Polkadot is $7.41 billion, contributing to a market dominance of 0.43%. Over the last 24 hours, the DOT price has experienced a decrease of -0.97%.
Polkadot achieved its all-time high on November 4, 2021, reaching $54.98, while its all-time low was recorded on August 22, 2020, at $2.82. Following the all-time high, the lowest price dipped to $3.59 (cycle low), and the highest since then peaked at $9.59 (cycle high). The current sentiment regarding Polkadot’s price prediction is neutral, and the Fear & Greed Index indicates a level of 60, signifying a state of greed.
The circulating supply of Polkadot at present is 987.58 million DOT out of a maximum supply of 1.00 billion DOT. Within the Proof-of-Stake Coins sector, Polkadot holds the 7th rank, and in the Layer 1 sector, it is positioned at the 11th rank based on market capitalization.
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Polkadot Price Prediction For 2024 – Will DOT continue to rise?
Over the past year, Polkadot (DOT) has demonstrated a commendable performance, witnessing a substantial 30% increase in its price. Trading above the 200-day simple moving average, DOT exhibits stability and sustained upward momentum.
Notably, the positive performance extends beyond the initial token sale price, indicating a profitable venture for early investors. The coin boasts high liquidity, reflected in its significant market capitalization.
However, it is worth noting that despite these positive attributes, Polkadot has been outperformed by 54% of the top 100 crypto assets in the last year. This underperformance becomes more apparent when compared to the giants of the crypto space, namely Bitcoin and Ethereum.
In the last 30 days, DOT has experienced only 14 green days, accounting for 47% of the observed period, potentially indicating a recent period of market indecision or correction.
Furthermore, the coin currently stands at a considerable -86% from its all-time high, suggesting that there may be challenges to reclaiming previous price peaks in the near term. Investors and analysts will likely closely monitor these dynamics to discern whether Polkadot can overcome these challenges and regain a more dominant position in the crypto market.
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Polkadot Price Prediction For 2024: DOT To Reach $50?
Polkadot is anticipated to achieve an impressive throughput of up to 100,000 transactions per second, providing swift transaction finality in just six seconds. This speed and scalability position Polkadot as an attractive option for widespread adoption.
Notably, Energy Web, a global non-profit energy company, recently disclosed its decision to leverage Polkadot’s infrastructure for building a blockchain. The choice was driven by Polkadot’s recognized attributes of enterprise-grade security and seamless upgradeability, as highlighted by Energy Web’s CEO, Jesse Morris.
Polkadot’s adaptability and composability make it an ideal solution for various crypto projects. However, the availability of only 100 Polkadot parachain slots adds a competitive edge, as projects must engage in auctions, utilizing DOT coins for bidding. This scarcity in parachains has the potential to significantly elevate the price of DOT.
In a recent upgrade, Polkadot enhanced its governance system with the introduction of “The Technical Fellowship,” facilitating more scalable and decentralized decision-making for changes on the network. Recognizing the inefficiencies associated with blockchain voting, Polkadot’s proactive measures to address these concerns enhance its prospects for success in 2024.
With these developments, Polkadot is positioned for a robust performance in 2024, and there is an expectation of a breakout from its 2023 trading range in a positive direction and the price could reach $50 after Bitcoin halving event.
Yet, the DOT price prediction for the end of 2024 suggests potential highs reaching $18, lows dipping to $5, with an anticipated average price settling around $12.23. These projections reflect a range of potential outcomes for Polkadot’s performance in the 2024 market.
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