The price of Polkadot (DOT) reached a new all-time high of $21.13 ahead of the first DOT-based exchange-traded product (ETP) going live tomorrow.
Polkadot is a blockchain-focused on interoperability, transactional scalability, and ease of innovation. It is built on an open-source protocol and offers a sophisticated governance system where all stakeholders can vote for new proposals.
At press time, DOT is trading up 14% up over the past 24 hours. The growth has also rubbed off on other coins that are built on top of or are a part of the Polkadot ecosystem, CryptoSlate’s data shows.
Polkadot ecosystem coins are on 🔥 today.
Over the past 24 hours, the sector is up 12.84% and 23.69% over the past week. Leading the charge are:$DOT 📈 +14.77%$EDG 📈 +19.33%$REEF 📈 +16.32%
Explore into the Polkadot ecosystem on CryptoSlate 👇https://t.co/seNLj5JQ2d pic.twitter.com/gweCDHuLzy
— CryptoSlate (@CryptoSlate) February 3, 2021
The price rally has also boosted DOT’s market capitalization to over $19 billion while its daily trading volume exceeded $4.7 billion.
Upcoming ETP listing on Swiss SIX Exchange
Switzerland-based investment product provider 21Shares (previously known Amun) has likely boosted DOT’s upward momentum by announcing the launch of the first Polkadot ETP (PDOT) yesterday. Per the press release, PDOT will be listed on SIX Swiss Exchange tomorrow, February 4.
“Last Friday, Polkadot was admitted by the Index Provider to the 21Shares HODL basket ETP as second-largest constituent after Bitcoin (BCH being removed) and as such, makes it is (sic) the perfect timing to add an additional single asset ETP to the already wide range of crypto ETPs 21Shares offers,” the announcement added.
According to 21Shares, PDOT will allow users “to invest, diversify through its various ETPs, and gain exposure to the multi-chain application environment that enables cross-chain interoperability on a level previously not possible via their traditional broker or bank.”
Each Polkadot share will be 100% collateralized by the corresponding amount of DOT tokens while on-exchange liquidity will be guaranteed by 21Shares’ existing ETP markets, the firm explained. At the same time, the introduction of Polkadot-based ETP will allow new institutional investors to gain exposure to DOT.
“This allows even more conservative institutions to safely hold this asset class via an Exchange Traded Product,” 21Shares concluded.
As CryptoSlate reported recently, Proof-of-Stake coins are also on the rise lately, with Polkadot leading the charge in terms of both its market capitalization and trading volume.
For more information, explore the Polkadot ecosystem on CryptoSlate.
The post Polkadot (DOT) price breaks new all-time high ahead of ETP launch appeared first on CryptoSlate.