- Polkadot set a new all-time high (ATH) of $32 earlier today.
- The fourth-ranked crypto gained over 1,000% since its launch six months ago.
- Based on current chart analysis, will Polkadot manage to surpass $50 soon?
Polkadot just set a new ATH of $32 after surging over 1,000% since its launch six months ago. The crypto has a market cap of over $30 billion.
The fourth-ranked crypto had a trading volume of $1,878 billion in 24 hours with a 3.3% rise.
Polkadot is a shared protocol that enables blockchains to work together. More than that, Polkadot allows users to create custom blockchains on it within minutes using its Substrate framework. Polkadot supports a set of common validators that work to secure multiple blockchains, while being scalable and efficient with the ability to upgrade without needing a hard fork.
Crypto analyst Lark Davis tweeted,
I am blown away by the amount of innovation happening on Polka $dot, nothing else besides Ethereum comes close! HUGE ecosystem about to storm crypto land, can’t come soon enough
— Lark Davis (@TheCryptoLark) February 16, 2021
In addition, Goldman Sachs, JPMorgan, and UBS have all been reported to be trading an ETP that is tied to Polkadot’s DOT. The traditional finance giants reportedly used Swiss-based exchange SIX to make the purchase. They each acquired shares in the 21Shares ETP. Although they each apparently only bought small amounts, the ETP still gives them exposure to Polkadot.
Polkadot Price Analysis
Based on the chart above, Polkadot has managed to defend its position over the last few hours. The crypto has thus far managed to stay above the $30 mark — a sign that it will likely rebound from the price dip it is currently experiencing.
Taking into account the current price movements and positive market sentiment shown by investors like Goldman Sachs, Polkadot is likely to continue its bull run and soon breach the $50 mark.
Disclaimer: The views and opinions expressed in this article are solely the author’s and do not necessarily reflect the views of CoinQuora. No information in this article should be interpreted as investment advice. CoinQuora encourages all users to do their own research before investing in cryptocurrencies.