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Polkadot price forecast: can DOT reach $35 by the end of January?

By: Invezz
Polkadot coin

Polkadot DOT/USD is a protocol that connects blockchains and allows value as well as data to be sent across networks that were at one point incompatible. It is designed to be quick and scalable. 

The native cryptocurrency token of Polkadot is DOT, which enables governance, and can be used for staking. Additionally, the DOT token can be bought or sold on many cryptocurrency exchanges which support it.

Polkadot developments as a catalyst for growth

On December 30, we covered how Polkadot partnered up with the German telecom giant T-Systems MultiMedia Solutions (MMS), where Deutsche Telekom received DOT tokens.

On January 3, Gavin Wood wrote the Polkadot 2021 Roundup, where he reviewed everything that happened within the Polkadot ecosystem throughout 2021.

The most noteworthy updates out of these included the completion of the first five auctions and how Kusama saw sixteen parachains launch and run on its Relay. 

Polkadot also saw an update through its version 2 of XCM, which is the first production-ready version of XCM and has debuted on Polkadot within the last few weeks.

The staking technology found on Polkadot also evolved, where the number of nominator accounts it can support tripled from 6,00 at the end of 2020 to 22,000 at its peak of 2021.

Furthermore, FRAME, which is the API and framework that allows easy-composable modules of on-chain business logic, also saw an upgrade, where all pallets or modules utilize idiomatic procedural macro.

All of this has the potential to increase the value of the DOT token.

Should you buy Polkadot (DOT)?

On January 4, Polkadot (DOT) had a value of $29.49.

To get a better perspective as to what kind of value point this is for the DOT token, we will go over its ATH value point alongside its performance last month.

In terms of the all-time high value of the DOT token, it was on November 4 when it reached a value of $54.98. Here, we can see that at its ATH point, the token was $25.49 higher in value or by 86%.

When we go over the token’s performance in December, we can see that it had its highest point of value on December 3, with a value of $36.54.

Its lowest point of value, however, was on December 20, when the token decreased to $23.54 in value. This gives us an indication that the token decreased in value by $13 or by 35%.

However, from December 20 to January 4, the token saw an increase in value of $5.95 or by 25%.

With this in mind, DOT is a solid buy as we can expect it to reach $35 by the end of January.

The post Polkadot price forecast: can DOT reach $35 by the end of January? appeared first on Invezz.

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