Polkadot has seen 14% gains in a single day, providing much-needed respite for the broader crypto markets
Polkadot (DOT) is one of the few exceptions in the cryptoverse and looks set for another leg of the rally. The DOT token is currently changing hands at $31.86 with a 14% rise in the past 24 hours. Polkadot is a direct challenger to other strong coins such as Ethereum and Cardano. The coin had quickly entered the top ten list of currencies by market cap and has steadily maintained its position even when alternate networks such as Solana gain popularity. DOT will need to break the strong resistance prevailing at $49 levels to establish new highs.
How & where to buy Polkadot in the UK and elsewhere
A trading account is needed for purchasing cryptocurrencies. You should evaluate different platforms in terms of security and fees before deciding to open an account. You will need to submit a username and password along with contact details to sign up on a broker/exchange platform. Thereafter, the site will ask you to complete a Know Your Customer (KYC) process by submitting documents to prove your identity and address. We have selected two of the best platforms where you can sign up with ease and trade with full security.
Decentralised exchanges (DEXs) are not regulated and can be risky. You should avoid DEX platforms.
Binance has grown exponentially since it was founded in 2017 and is now one of, if not the biggest cryptocurrency exchanges on the market.
What is Polkadot?
Polkadot represents the next level of blockchain technology and allows multi-chain capability. It allows developers to deploy parachains that are interoperable. Polkadot also allows bridges for interaction with other networks such as Bitcoin and Ethereum. As blockchain technology matures, developers will need to interact with other networks in a seamless manner and this is one sector where Polkadot can offer an easy solution.
The Web3 Foundation that governs Polkadot recently released $4.1 million to encourage developers to build on the DOT network.
Should I buy DOT today?
Polkadot is poised for a rebound to the highly coveted target of $49 and beyond. The daily chart for DOT shows sudden spikes which could materialise into bigger rallies if the bulls manage to prevail. However, this could take a while as the cryptomarkets are experiencing a downturn currently. But this could also provide a fresh opportunity for whales and retail investors to accumulate the DOT token.
Polkadot daily chart. Source: CoinMarketCap
Polkadot is a strong token and early holders could possibly expect handsome returns in the near future.
This article is informational only—none of the contents should be construed as financial or investment advice.