The platform has a lot to offer over its competitors, the amount of development and fundamentally strong ecosystem is resulting in the crypto gaining popularity among a sea of other platforms. At press time Polkadot price is $36.73, and market cap dominance stands at 1.70%, the coin is much lower than its ATH of $49.35 despite the developments. This gives us a clear picture of the potential of the coin.
Meanwhile, its canary coin Kusama price is $413.11, while achieving its 24-hour high of $437.77. Kusama (KSM) has successfully completed the first round of parachain auctions and is now on the second round. The first five parachains resulted in 10% of the supply getting bonded. And this is why popular analyst Lark Davis is pretty bullish on the Polkadot ecosystem.
Consequently, the more Kusama bonds, the lesser will be available, resulting in the shooting of prices. Moreover, bonding results in a price surge, plus the investor gets all of his or her KSM back. The star performer of the first round was moon river, most of the investors have received gains of over 20 to 100x.
Polkadot has been the biggest pre-launch chain in terms of developer commitment. DOT and KSM combined have more developer activity than anyone else, KSM holds number 2 in terms of developer activity.
The coin has outperformed some of the prominent players in the crypto space in the last month. The Moonbeam parachain has tokens built on Polkadot’s substrate development tool, the tokens transfer to Ethereum wallets and smart contract addresses could be with more ease. Data from Messari suggests that DOT remains the most commonly held liquid asset by hedge funds and venture capitals.
Summing up, the Polkadot ecosystem is growing consistently. The coin(s) is undervalued considering the development on board. Considering the underlining potential of the platform it wouldn’t be wrong to expect the DOT price to hit above $50. The coin will rise above its current market cap ranking of 8. Hence it could be the right time to buy & stake DOT or KSM.