The price of Matic is inching towards the 15, 20 & 25 moving averages The yellow lines represent the range between which Matic has been trading since July The expectation is for the price of Matic to drop to 0.76 in the next few days Note: Trading decisions should not be based on the opinion in this article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
MARKET HIGHLIGHTS
Currency in circulation: 931.8 Million
Market Capitalization: $38.8 Billion
Price per USD: $33.32 (22nd April 2021)
Cryptocurrency fame has grown exponentially in recent years thanks to astronomical price increases of BITCOIN, everyone wants in on the action. However there is a major difference between BITCOIN and much of the other cryptocurrencies and tokens being offered on the cryptocurrency exchanges .e.g. Decentraland, Polygon, COMP Tokens, Lumen Token etc.
Unlike BITCOIN which is purely speculative, most of the crypto companies issues the coins or tokens are working on providing a service, therefore the price of their coin or token is directly related to the performance of the respective network or company.
Think of it as buying a stock, to buy a stock you would research on the products and services a company provides, analyze its future outlook and base your decision to buy or sell based on your analysis.
Similarly it is crucial when buying a cryptocurrency or token that is not purely based on speculation, to understand the network or block-chain behind it and its future outlook before buying the coin/token.
That being said, different cryptocurrencies are run on different blockchains (blockchain is a digital record of transactions) with little or no link to each other. For example, let's assume that you use your banking mobile application on your phone and you now downloaded a personal budget app to track your personal budget.
But due to the banking app and the personal budget app not being able to communicate or link to one another, each an every transaction that appears in your banking app will have to be manually entered by you in the personal budget app. Maybe not worth it eh?
What if there was a way for the banking and the personal budget app to communicate with each other resulting in the transaction automatically flowing from the banking app to the personal budget app. That would save a lot of time and effort wouldn't it?
This is where Polkadot comes in, in the crypto world. Polkadot terms itself as a next generation blockchain protocol that unites all the different crypto blockchains together. Using Polkadot different blockchains would be able to send any type of data between them. This would allow different blockchains to specialize in their own industries .e.g. finance, governance etc. and not have to deal with changes to communicate with one another.
DOT TOKENS & THE FUTURE OF POLKADOT
DOT tokens are the native currency of Polkadot. DOT tokens other an financial trading, are held by users for operational purpose in Polkadot: Governance, Staking & Bonding.
DOT tokens were allowed to be traded by the general public in August 2020 and since then have been listed on over 40 crypto exchanges. The increasing trading volumes have skyrocketed the price of the DOT token leading the DOT token to become one of the top five crypto coins to invest in.
Wallet Investor forecast the price of DOT token to end at $125.52 by end the end of 2021 and $474.03 by end of 2026
Projects like Polkadot could lead the crypto industry to new heights and could accelerate the growth potential and use of cryptocurrencies world wide. This surely puts Polkadot in the list of top cryptocurrencies to keep an eye out for.
Note: Price forecast are predicted using mathematical models and shouldn't be used for investment decisions. Trading decisions should not be based on the opinion in the article, investors should conduct their own due diligence before buying the cryptocurrency. This article is purely based on my own research and understanding of the cryptocurrency in the article.
If you liked my explanation of Polkadot, let me know in the comment which currency would you like to know about next.
HOW TO BUY CRYPTOCURRENCY/TOKEN
Buying a cryptocurrency/token has gotten really accessible to the general public. Its as simple as downloading the application on your phone, selecting the coin/token you are looking buy and place a buy order.
Binance is a the world's largest cryptocurrency trading application with a wide variety of cryptocurrencies to choose from.
It is compatible with multiple devices and safe and convenient to trade using Binance.
Start your journey of being a cryptocurrency investor by registering with Binance today using the link below
Click Here to register with Binance
Happy Investing
You are providing good knowledge. It is really helpful and factual information for us and everyone to increase knowledge about Coinbase Competitors and Alternatives. Continue sharing your data. Thank you.
ReplyDelete