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Following a period of geopolitical turbulence that significantly impacted the crypto market in April, the crypto space is now regaining stability. In the past few days, Polkadot (DOT), Hedera (HBAR), and NEAR Protocol (NEAR) have been demonstrating notable performance. Let’s have a brief overview of these cryptos.
#1 Polkadot (DOT)
Polkadot, an open-source sharded multichain protocol, establishes connections and ensures the security of a network comprising specialized blockchains. It enables seamless cross-chain transfer of various data or asset types beyond just tokens, fostering interoperability among blockchains. Its primary objective is to serve as the foundation for a decentralized internet of blockchains, often called Web3.
Functioning as a Layer-0 metaprotocol, Polkadot is the underlying framework that outlines the structure for a network of Layer 1 blockchains termed parachains (parallel chains). Being a metaprotocol, Polkadot can autonomously and seamlessly update its codebase through on-chain governance, aligning with the preferences of its token-holder community while avoiding the need for forks.
The price of Polkadot (DOT) on WazirX is INR 619.50 today. According to CoinMarketCap, the 24-hour trading volume is $132,550,342, with a circulating supply of 1,437,953,431 DOT and a market cap of $9,882,627,864.
The rise of Polkadot crypto can be attributed to projects like StorageHub, a Polkadot parachain, which contributes to the decentralized data storage revolution. StorageHub aims to enhance efficiency and network accessibility through decentralized storage solutions, prioritizing larger data sets and file-based storage while upholding decentralization principles. Developed by the Web3 Foundation, StorageHub integrates seamlessly with Polkadot and Kusama parachains, ensuring interoperability via cross-chain messaging.
#2 Hedera (HBAR)
Hedera Hashgraph stands out as the premier, sustainable, enterprise-grade public network powering the decentralized economy, empowering individuals and businesses to develop robust Decentralized Applications (DApps). Hedera offers enhanced fairness and efficiency to address the shortcomings of older blockchain platforms, eliminating issues like sluggish performance and instability. At its core, Hedera Hashgraph introduces HBAR, its native cryptocurrency, symbolizing its commitment to revolutionizing traditional blockchain technology by prioritizing speed, efficiency, and security.
The price of Hedera (HBAR) on WazirX is INR 9.87701 today. According to CoinMarketCap, the 24-hour trading volume is $136,233,296, with a circulating supply of 35,742,801,271 HBAR and a market cap of $3,800,457,565.
Hedera (HBAR) is experiencing a notable surge, outshining competitors and attracting investors’ and analysts’ attention. With a remarkable 44.20% price increase in the past week, Hedera stands out amidst the global cryptocurrency market’s modest gains. Renowned for its high-efficiency blockchain, Hedera shows resilience, evidenced by its current price of $0.117, marking a 3.13% increase in the last 24 hours. Supported by a circulating supply of 36 billion HBAR and a market capitalization of $4.18 billion, Hedera’s upward trajectory is fueled by a robust trading volume of $435 million. Analysts anticipate further positive momentum, identifying promising market patterns and potential for sustained growth.
#3 NEAR Protocol (NEAR)
NEAR Protocol is a layer-1 blockchain engineered as a community-driven cloud computing platform. It addresses several limitations that have hampered competing blockchains, such as low transaction speeds, low throughput, and interoperability challenges. This fosters an optimal environment for Decentralized Applications (DApps) and establishes a user-friendly platform for developers and users alike. For example, NEAR employs human-readable account names, a departure from the cryptographic wallet addresses commonly found in Ethereum. Additionally, NEAR introduces innovative solutions to scalability issues and boasts its unique consensus mechanism, “Doomslug.”
Developed by the NEAR Collective, a community dedicated to refining the initial code and enhancing the ecosystem, NEAR Protocol endeavors to construct a secure platform to handle high-value assets like money or identity that is efficient enough to render them practical for everyday users.
The price of NEAR Protocol (NEAR) on WazirX is INR 657.575 today. According to CoinMarketCap, the 24-hour trading volume is $609,198,574, with a circulating supply of 1,066,668,255 NEAR and a market cap of $7,710,790,077.
NEAR Protocol has demonstrated robust market performance, experiencing a notable 19% surge in the past week. Despite a minor 4% decline over the month, its six-month trajectory showcases an impressive increase of over 500%. Currently trading between $5.41 and $7.30, NEAR exhibits active trading and a strong upward trend nearing the resistance at $7.53. While poised to surpass this barrier, a potential shift could see NEAR revisiting support at $4.37. Though indicators like RSI and stochastic suggest some overbuying, the resilient performance over six months indicates promising growth prospects, targeting the next resistance level at $9.11.
Disclaimer: Cryptocurrency is not a legal tender and is currently unregulated. Kindly ensure that you undertake sufficient risk assessment when trading cryptocurrencies as they are often subject to high price volatility. The information provided in this section doesn't represent any investment advice or WazirX's official position. WazirX reserves the right in its sole discretion to amend or change this blog post at any time and for any reasons without prior notice.
