This year has been a tough sail for Polkadot since May 2022, when the Terra/Luna implosion caused a cascade of bankruptcies, layoffs, and liquidations. Subsequently, the chain of unfortunate market and geopolitical events like the Russian invasion of Ukraine, U.S. inflation, and 3AC and Celsius insolvency, has also contributed to the downward pressure on the price of DOT.
With the recent massive downfall of the crypto market caused by FTX contagion, is it possible for Polkadot to reclaim its all-time high in 2023? Continue with the article to learn about Polkadot price analysis and prediction by Coinpaper.
What is Polkadot?
Polkadot is an open-source sharded multichain protocol that connects blockchains, allowing value and data to be sent across previously incompatible networks. It’s also designed to be blazing fast and scalable thanks to the use of the so-called “parachains” — many parallel blockchains that offload the main network called the “relay chain.” Its native token DOT serves two main purposes: it can be used for governance, giving its holders a say in Polkadot’s future development, and is also used for staking, securing the network through the proof-of-stake consensus.
Polkadot (DOT) price
Currently, Polkadot Price is USD. DOT has a circulating supply of coins and a total supply of . If you are looking to buy or sell Polkadot, Binance is currently the most active exchange.
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Polkadot price prediction 2023
The current market sentiment is full of fear, uncertainty, and doubt (commonly known by the acronym FUD), as fears of FTX contagion mount. At the moment, it’s difficult to assess exactly how much damage has FTX collapse has done to the crypto industry, since some affected crypto companies may be already secretly insolvent due to highly leveraged positions, as we have seen in the aftermath of Terra's implosion.
According to our estimates, it will take months for the full scale of FTX bankruptcy to become clear, so the turning point for the crypto market won’t come before late Q1 to early Q2 2023, although for now, it seems that the industry has absorbed most of the damage.
Another market factor that should be taken into consideration is how successful will be the U.S. Federal Reserve’s efforts to curb inflation. For now, there is reason to believe that Fed is making some progress in its attempts to cool the overheating economy — on November 30, Federal Reserve Chair Jerome Powell announced it’s time to slow the pace of coming rate hikes, which immediately triggered a positive reaction from both crypto and equity markets.
Given the above information, one can easily guess that there will be a considerable divergence between bullish and bearish Polkadot 2023 price predictions due to multiple unknown factors. For this reason, we estimate that the bullish scenario will see Polkadot price at $12.64 to $16.93. On the flip side, a fading interest in the new meme coin may push the price of Polkadot to $4.32-$3.83 lows.
Polkadot price prediction 2024
In 2024, the global macroeconomic backdrop is likely to be more favorable to the crypto market, adding value to Polkadot (DOT) and other cryptos. However, the possibility of black swan events similar to the collapse of FTX cannot be completely ignored.
Keeping this in mind, we foresee the price of Polkadot to climb as high as $19.89, with the more distant prospect of reaching $25.16 in 2024. The bearish scenario is likely to see Polkadot (DOT) trading between $11.98 and $9.62 in 2024.
Polkadot price prediction 2025
Since it’s practically impossible to foresee what market factors will influence cryptocurrency prices in 2025, this part of our Polkadot (DOT) price analysis and prediction is based on pure speculation and observation of Polkadot historical price movements.
Our Polkadot 2025 price forecast expects DOT to rally towards $29.17 and reach $37.38 by the end of the year. The bearish scenario would see Polkadot at $21.82 to $15.93.
Polkadot (DOT) price prediction 2026
Looking ahead four years, to 2026, Coinpaper's price prediction for Polkadot is neutral. In 2026, we expect Polkadot to reach at least $44.38 before climbing higher to $52.23. In case of a bearish scenario, Polkadot may fall to $32.17.
Is Polkadot (DOT) a good investment?
With continued developments taking place within the Polkadot ecosystem, its solid user base, strong community of developers, and established market position, DOT can be a nice addition to your “established alts” portfolio. However, keep in mind that investing in any cryptocurrency carries a high degree of risk, so make sure to do your own research before investing in DOT.
Are you ready to invest in Polkadot? Very few if any analysts forecast its value going down to zero, although you can’t be sure these days, so make sure you always do your own research before making investment decisions. And keep in mind that cryptocurrency prices can be extremely volatile, so trading crypto always involves a high degree of risk.
You can buy DOT from many crypto exchanges, including Binance
Disclaimer: Coinpaper does not recommend that any cryptocurrency should be bought, sold, or held by you. Always conduct your own research and consult your financial advisor before investing in any digital asset.
Who created Polkadot?
Polkadot was founded in 2016 by Gavin Wood (who was also one of Ethereum co-creators), Robert Habermeier and Peter Czaban.
What was the all-time high for Polkadot (DOT) ?
The all-time high price of Polkadot is $ on 2021-11-04