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Polkadot price breaks new all-time high

Polkadot's price reached a new all-time high of $21.47 ahead of the first exchange-traded product based on DOT going live tomorrow.

Polkadot is a blockchain-focused on interoperability, ease of innovation, and transactional scalability. It is built on an open-source protocol and offers a sophisticated system of governance where new proposals can be voted for by all stakeholders.

 DOT is trading up 15 percent over the past 24 hours at press time. CryptoSlate’s data shows that the growth has also rubbed off on other coins that are built on top of or are a part of the Polkadot ecosystem. The price rally has also boosted DOT’s market capitalization to over $19 billion while its daily trading volume exceeded $4.7 billion. 

By announcing yesterday the launch of the first Polkadot ETP (PDOT), Switzerland-based investment product provider 21Shares has likely boosted DOT’s upward momentum. PDOT will be listed on the SIX Swiss Exchange tomorrow, February 4, according to a press release. “Last Friday, Polkadot was admitted by the Index Provider to the 21Shares HODL basket ETP as a 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 cryptoslate.com, PDOT will allow users, according to 21Shares, to “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 percent collateralized by the corresponding amount of DOT tokens, while 21Shares’ current ETP markets will guarantee on-exchange liquidity, the company explained. At the same time, the introduction of an ETP based on Polkadot will enable new institutional investors to gain DOT exposure. “This allows even more conservative institutions to safely hold this asset class via an Exchange Traded Product,”

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