• The price of Polkadot (DOT) has remained largely stagnant over the last seven days, trading at $6.20 at press time.
• The 12th-largest cryptocurrency had a press time market cap of $7,166,902,037 and was trading at $6.30 in August 2020.
• Recently, its performance was resurgent but with the Merge, Ethereum has emerged as a serious competitor and DOT’s price has been falling since then.
Polkadot Price Performance
The price of Polkadot (DOT) has not fallen so sharply and was trading at $6.20 at press time. So far, it has been able to form a base above the $6.00 zone and is the 12th-largest cryptocurrency with a press time market cap of $7,166,902,037. Prior to its launch in October 2017, it had raised over $144 million through an ICO by Web3 Foundation. DOT was trading at $6.30 in August 2020 and reached its ATH of $55 in November 2021 thanks to the crypto bloom that year. However, it crashed to just above $6 during mid-July 2022 due to the crypto crash in Q2 2022 but recently saw resurgence when it upgraded to v9270 version.
Impact Of Ethereum’s Move To PoS
Ethereum recently transitioned from proof-of-work (PoW) to proof-of-stake (PoS) mechanism which is viewed by Polkadot Co-Founder Robert Habermeier as an “ETH collaborator” however this move also made Ethereum a strong competitor for Polkadot as an alternative PoS blockchain and consequently caused DOT’s price to plummet since then .
Roadmap Roundup And TPS Capacity Increase
In a blog post published on 26 September 2022 on their Roadmap Roundup , the Polkadot team provided updates on their Asynchronous Backing which aims to reduce block duration times , increase available block space and allow blocks to be reused if they don’t make it onto relay chain on first try . This update is expected to increase transactions per second capacity of network aggregately up to 100000 – 1000000 TPS .
Deutsche Telekom Buys DOT Tokens
In December 2021 , Deutsche Telekom , Europe’s largest telecommunication company bought large amount of DOT tokens while its subsidiary T – Systems Multimedia Solutions also bought some .