- Polkadot price has sustained above $20 with the rising volatility in the altcoin.
- Grayscale recently announced the launch of a new Smart Contract Platform fund that invests in Polkadot.
- Nine Polkadot parachain teams launched a $250 million ecosystem fund to promote early-stage dApps, fueling a bullish narrative among investors.
Polkadot price continued its climb with a spike in the adoption of the altcoin. Crypto asset management firm Grayscale announced the launch of its new Smart Contract platform fund, including Ethereum's competitor Polkadot. Analysts have noted rising volatility in Polkadot.
Polkadot price remained steady and continued its rally
Polkadot price sustained its uptrend and climbed above $22. Analysts have observed a spike in volatility on the Ethereum-killer's network.
Digital currency management giant Grayscale recently announced the launch of its Smart Contract Platform Ex-Ethereum fund. The fund is one of the first to solely invest in the asset and derive value from it.
Grayscale invested 15% of its fund component per share in Polkadot, alongside other Ethereum competitors like Cardano, Solana and Avalanche. Grayscale's investment has fueled a bullish narrative for Polkadot adoption.
Interestingly, projects and dApps in the Polkadot ecosystem have received a boost in their development through a $250 million fund. Nine Polkadot parachain teams introduced the ecosystem fund to promote early-stage projects on the blockchain network.
Historically, a rising number of investors and higher utility of Polkadot have influenced the altcoin's price positively. Proponents believe the asset management giant's initiative to buy Polkadot using 15% of its fund component per share, alongside support for dApp development on the DOT network, could fuel the ongoing uptrend of the altcoin.
Analysts have evaluated the Polkadot price trend and identified an ascending triangle formation. Typically, a breakout follows the formation of such a pattern in Polkadot price. Likewise, the asset has climbed higher and sustained itself above $20.
Crypto analysts at the YouTube channel More Crypto Online believe the Polkadot price could continue its uptrend once it gets past the rejection point at $22.50.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Bitcoin: Holds $105K mark as MicroStrategy adds 11,000 BTC, Trump pardons Silk Road creator Ulbricht
Bitcoin price trades around $105,000 on Wednesday after rebounding from the $100K support level the previous day. Michael Salyor’s MicroStrategy announced on Tuesday that it has acquired 11,000 BTC worth $1.1 billion, and President Donald Trump pardoned Silk Road creator Ross Ulbricht.
World Liberty Financial adds $47 million of ETH and wBTC each to celebrate Trump’s inauguration
Donald Trump-backed DeFi platform World Liberty Financial (WLFI) added $47 million of wrapped Bitcoin (wBTC) and Ethereum (ETH) each to celebrate Trump’s inauguration as the 47th President of the United States on Monday.
Top 5 made in USA altcoins tackle uncertainty on Trump’s return: XRP, Solana, Cardano, Chainlink, Avalanche
Crypto market capitalization of altcoins developed in the U.S. crossed $544.15 billion on Wednesday, January 22. Among cryptocurrencies trending in the U.S., XRP, Solana, Cardano, Chainlink, and Avalanche have gained in the past 24 hours, per CoinGecko data.
President Donald Trump plans $500 billion in AI infrastructure with OpenAI, SoftBank and Oracle
President Donald Trump announced a “Stargate” project for $500 billion in investment to advance the US AI infrastructure. The project will deploy an initial investment of $100 billion, scaling up to $500 billion, to establish advanced data centers and infrastructure in Texas.
Bitcoin: BTC rallies above $102,000 ahead of Trump’s inauguration
BTC's price continues to trade in the green, trading above $102,000 at the time of writing on Friday after rallying more than 7% this week. Recent US macroeconomic data released this week supported the rise of risky assets like BTC.
Trusted Broker Reviews for Smarter Trading
VERIFIED Discover in-depth reviews of reliable brokers. Compare features like spreads, leverage, and platforms. Find the perfect fit for your trading style, from CFDs to Forex pairs like EUR/USD and Gold.