The first day of trading is August 19, 2020, which is only ten days ago.
The rally of the price of Polkadot
The debut of this new crypto currency on the crypto markets occurred at about 3 dollars and until August 22nd the price had fluctuated around this figure.
But starting from the middle of the day on Saturday 22 August it started to rise, very quickly.
Already the next day, August 23, it had reached a first peak at $4.5, and then retraced around $4, but the next day it started to rise again to $5, exceeding $5.5 in the evening.
The following day, August 26, it had a new spike to $6.4, and on August 27, it reached its peak at $6.66, only to fall back to $5.5 then and rise again to $6.
In other words, the price doubled in about 10 days since the launch.
There are, however, conflicting data regarding its market capitalization. In fact, although the price level reached is common to several platforms, there is no unanimity on circulating supply.
For CoinGecko there would be about 900 million DOT in circulation, for a market capitalization of about $5.5 billion.
This would place it in sixth place among the cryptocurrencies with the highest market capitalization, even ahead of Bitcoin Cash and Litecoin.
But other platforms show different data.
For example, according to CoinPaprika, out of the 984 million DOTs created there would actually only be 289 million in circulation, so the market capitalization would be 1.7 billion dollars.
Polkadot would be the sixteenth cryptocurrency in the world for market capitalization, behind Tezos (XTZ), Cosmos (ATOM) and Stellar (XLM), but ahead of Tron (TRX) and Monero (XRM).
CoinMarketCap instead does not show any data regarding the circulating supply, and therefore does not calculate the market capitalization of Polkadot.
We remember that by market capitalization we mean banally the product of the total number of tokens in circulation for the value of a single token (the so-called „price“).
Polkadot: a project for blockchain interoperability
The Polkadot project was developed by the Swiss Web3 Foundation which is working on a decentralized, functional and easy-to-use web.
The platform has been built to connect private and consortium chains, public and permissionless networks, oracles and other technologies that will be developed in the future.
The goal is to facilitate the creation of an Internet where independent blockchain can exchange information and transactions reliably through Polkadot’s forwarding chain.
The project is still in its infancy, so the Crypto Trader success of its token is mainly due to the expectations of investors and speculators.
Moreover, it is not a financial project, but an infrastructural project, so it may take some time for it to be fully implemented, released to the market and possibly successful with end users.
Expectations on this project are very high, but you should always remember that expectations are not always necessarily met.