Recent sales in the cryptocurrency market have dealt a huge blow to investors. Aside from altcoins, even Bitcoin has shed more than 60% from its peak price. This negative trend has been changing direction since July 27. August has been green so far as it is the last month on the Ethereum merger path. So which altcoin is worth getting on the August radar? Nasdaq analyst Anders Bylund answers this question with Polkadot (DOT).
What is so exciting about Polkadot?
The main idea of Polkadot is to build bridges between Blockchains, building an interconnected system from many separate parts. Then, application developers can develop new projects through Polkadot’s simple cross chain programming tools. For example, you can manage smart contracts and NFTs on the Ethereum network while pulling financial information via Chainlink. However, Polkadot offers a single platform that connects all these functions. It provides an easier and innovative platform for developers. Polkadot is also becoming a crucial development system for the Web3 era. The altcoin project started preparations for this era years ago.
The Web3 Foundation founded Polkadot to serve as the foundation for a blockchain-based online future. The same team continues to run Polkadot today.
How about the DOT price?
Just like Bitcoin and Ethereum, the DOT price has taken a big hit this year. Market makers have moved away from high-risk investments and the crypto market has seen losses of up to 90%. However, even the crypto giants look stable next to Polkadot’s nine-month chart:
Polkadot does not have the massive scale and widespread recognition of Bitcoin or Ethereum. As such, it tends to move farther and faster than its larger and more famous peers. Many investors do not yet know what Polkadot is capable of. Therefore, the DOT price is more exposed to market whims.
Analyst’s expectations from the altcoin project
Anders Bylund interprets the negative market trends of recent months as an opportunity to buy. It is unclear whether we are currently at the absolute bottom of the current crypto winter. But if so, DOT and most altcoins have a long journey to ATH levels. cryptocoin.comAs you follow, Binance CEO says the comeback is imminent at CZ…
