Polygon and Polkadot – two cryptos to explore in 2022?

Although the global cryptocurrency market has cooled down since its impressive run earlier this year, it hasn’t stopped enthusiasts from placing their bets on digital assets.

According to CoinMarketCap, there are currently around 16,200 cryptos and over 450 exchanges worldwide, and the number is increasing every day.

However, besides the prominent ones like Bitcoin (BTC) and Ethereum (ETH), hundreds of others, if not all, have caught investors’ attention. We explore two cryptos that drew huge attention this year and may continue to see a similar craze next year.

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Polygon (MATIC)

Polygon, formerly Matic Network, is the first well-structured and user-friendly platform for Ethereum scaling and infrastructure development. It was co-founded by Sandeep Nailwal, Jaynti Kanani, and Anurag Arjun and launched in October 2017.

Matic is the native token of Polygon, codenamed ERC-20. It runs on the Ethereum blockchain and is mainly used for payment services.

The ERC-20 is used as a settlement currency between users in the Polygon ecosystem.

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On Dec 30, the MATIC coin was priced at US$2.58 at 2:05 pm ET, down 0.46%.

Polygon has a market cap of US$18.48 billion and a fully diluted valuation of US$25.80 billion.

In the last 24 hours to Thursday evening, the coin’s trading volume was US$2.11 billion.

The Polygon coin price jumped 1349.27% YTD.

The 52-week highest and the lowest prices were US$2.92 and US$0.01711, respectively.

On Dec 27, 2021, it touched an all-time high of US$2.92.

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Polkadot (DOT)

Polkadot is an open-source sharded multichain protocol that connects and secures a network of advanced blockchains and facilitates the cross-chain transfer of data or assets while enabling the blockchains to be interoperable with each other. It was designed as a foundation for the decentralized internet of blockchains called Web3.

The DOT is a native token for Polkadot. It has three purposes: staking for operations and security, easing the network governance, and bonding tokens to connect parachains.

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The DOT coin was priced at US$28.35 at 2:10 pm ET on Dec 30, up 0.82%.

Polkadot has a market cap of US$27.99 billion, and a fully diluted market cap is US$31.14 billion.

The coin’s last 24-hour trading volume ended Thursday evening was US$1.45 billion. It gained 222.24% YTD. The coin saw the highest price of US$55.00 and the lowest price of US$7.17 in the last 52 weeks. It has reached an all-time high of US$55.00 on Nov 4, 2021.

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The cryptocurrency was among the most discussed topics on social media in 2021, attracting thousands of new investors to the market. However, the volatility in digital assets is a major disadvantage in the crypto market despite its growing weight and influence. Hence, investors should carefully evaluate cryptocurrencies before investing in them.

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