Cryptos continue to grow as a point of interest not just for Wall Street and retail investors but also for those interested in the further development of the internet and the tools we can forge for the future. As such, many crypto buffs are not just interested in the cryptos they own and how much value they can accrue; they are also paying attention to the networks with the most robust plans for the future and the most cutting-edge technology. Polkadot (CCC:DOT-USD) is one such network. Today, it’s providing DOT holders with a flurry of updates about the network and how it can expect to grow in the near future. Polkadot price predictions are being sought out by those hoping to see DOT breakout with some gains.
The Polkadot network is an open-source blockchain protocol that emphasizes interoperability. Anybody can hop in, contribute some code, run a node or use any of the products on the chain. What sets it apart from other protocols that have the same infrastructure is that Polkadot focuses heavily on allowing other networks to operate with it seamlessly. It does this by acting as a “relay chain,” bridging networks together so they can quickly transfer data to one another. The ultimate goal is to create an entirely decentralized web.
Polkadot Prices Heat Up With Incoming Polkadot Updates, Parachain Auction
Polkadot is serving up gains of about 9% this morning on some good news. First, Polkadot’s parachain, Kusama (CCC:KSM-USD) is finishing up an auction in the next few days. Developers vie for a spot on the Kusama chain; it’s a sort of “test chain,” where projects can develop freely and work out bugs before launching on the Polkadot mainnet. Since Kusama can only hold about 100 projects, these auctions can become very heated and bring lots of capital to the network.
Additionally, the DOT coin is benefiting from a listing on eToro, one of the largest crypto exchanges. Beyond this, the network is also striking up a deal to partner with the Harmony (CCC:ONE-USD) network, allowing it to bring new tech like staking and automated market-making to its web.
And that’s not even the end of the good news. Sub0, a popular blockchain development event, is going to see Polkadot’s founder take the stage. He will give updates on the network, while also providing insight into plans for the future of Polkadot and new things to come. The event will take place on Oct. 13 and 14 online.
Polkadot Price Predictions: Does DOT Stand to Keep Gaining With Big News?
The news this morning is driving DOT prices upward. Indeed, the DOT coin is seeing an influx of buyers, with a trading volume increase of 54%. But will it keep this momentum going as the month progresses and investors gain more insight into the network? Let’s take a look at some Polkadot price predictions and see what analysts are thinking:
- WalletInvestor predicts the next 12 months will be kind to DOT prices. The site is forecasting a price of $55.19, a healthy gain on its current price of $33.63.
- CoinPriceForecast is much more bullish on the coin. By just the end of 2021, the site says DOT will nearly double, reaching prices of $64.49.
- DigitalCoin isn’t quite as optimistic, but it is still targeting gains for the coin. By December, it says DOT will reach $50.30.
- The Economy Forecast Agency’s year-end prediction is fairly neutral, predicting the coin will pick up just a few dollars and reach $39.55. By October of 2022, the site says DOT will reach $62.36.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com Publishing Guidelines.