Smart Contracts In Crypto Center-Stage
Over the last year smart contract cryptocurrencies have taken center-stage in the crypto market as investors and users turn to Ethereum and bitcoin alternatives. One of the top picks in this regard has been Polkadot. The last few months have seen the final form of this crypto project come to fruition. Polkadot has the potential to become one of the top cryptos of 2022.
Current Market State of Polkadot
Polkadot is one of the leading cryptocurrencies holding the thirteenth rank in the current market price at $17.71.
Polkadot price has seen a drop of approximately 3.62% so have the other cryptocurrencies. The global cap of the cryptocurrency market is marked at $1.93 trillion which signifies a drop of 2.86% from the previous day. However, things are looking not too bad as crypto is still in that uptrend though it had had a massive peak followed by a horrific drop. Bitcoin looks the same as well, it is not too bad we are still trending up from. We just have to be wary that there is always a possibility we could come down and retest that trend. Nonetheless there is a probability that the market will start to spin around now.
Terra Luna IntoBitcoin
Terra Luna is starting to fire loading money to Bitcoin to use it as a stable reserve so things are going to start pushing on. There is a lot of adoption happening and price action not really where it should be. There hasn’t been a bullish cross now which is usually a great long term indicator for most. It rarely happens these bullish road bearish crosses as. There was a bearish cross back in November and that’s pretty much been four months of downward pressure. Bullish cross price that was in August so every five to six months we are getting these crossovers covering on the current cycle.
Polkadot was founded by Gavinwood in 2016 who is also the co-founder of Ethereum and coded. Polkadot raised $145 million in a 2017 ICO and raised another $100 million in 2019 and 2020 to compensate for the funds from the 2017 ICO which were lost in wallet hack. Amongst the top Polkadot exchange are Coinbase, Binance, KuCoin and Huobi Global.
Polkadot – Still The Best Amongst The Rest
Whether Polkadot is seeing a fall or rise, it is noted to be one of the best cryptocurrencies in 2022. It enjoys being placed amongst one of the top fifteen cryptocurrencies of the world having a market cap of $18.6 billion. Owing to a powerful blockchain being developed Polkadot just like Bitgert has received quite the attention. What improves the chain’s speed and is the parachain and relay chain technology. Accompanied by improvement in chain’s speed is lower gas fee. There are many projects that are adding to the demand of Polkadot and making it all the more popular. While it does see a downward trend currently, nonetheless it is expected to eventually boom.
DeFi is presently valued at $8.52 million which makes up for 13.26% of the cryptocurrency market. Stablecoins are valued at $52.39 billion thereby making up for 81.55% of the crypto market.
With the recent price of the Polkadot the market captalization of the digital asset is at $20,448,645,144.74. It is classifies as a software by some blockchains that has seen a change of -33.32% so far this current year. As long as a downward channel is maintained, the price of Dot is headed to an uptrend in the long run. It might attain stability at $16, however, the token is in trouble in case the price breaks. In recent times the token has seen a strong sell-off where it lost 70%, however, it managed to bounce back.
More Excitement Ahead
Polkadot may be the most exciting crypto or even software project in general of the last few years. While most crypto tokens run on their blockchains like Bitcoin or Ether Polkadot allows other crypto projects on top of their chain. With the coin’s price coming off one of its lowest points in recent months there may be substantial upside in the short term.