Launched in May 2020, Polkadot is the brainchild of Ethereum (ETH) co-founder Gavin Wood.

Bitcoin and cryptocurrency prices have dropped sharply over the last week, with the combined crypto market now down around $1 trillion from its November peak (even as Wall Street giant Goldman Sachs issued a huge bitcoin price prediction).

The goal of cryptocurrency investors is to financially benefit from the growth of virtualization throughout society. However, the best way to do this is not as straightforward as 'picking the best tech'. While the best tech inevitably wins in a Web 2 environment, the Web 3 market runs on entirely different parameters.

Bitcoin, the largest cryptocurrency by market value, has risen to around 4.6 per cent to $48,947.52 in the past 24 hours, after recording more than 32 per cent fall post the all-time high of $69,000 in November. Bitcoin's market cap currently stands at $925.41 billion, crypto exchange Coindesk data showed.

Bitcoin price attempted a recovery wave above USD 50,800 zone but failed to continue. It is currently (04:27 UTC) trading near USD 48,800, with a key support at USD 48,500.

Bitcoin was down by 3.02 per cent in the last 24 hours, while Ethereum fell 5.57 per cent, according to coinmarketcap.com. WhatsApp has launched a new pilot project for crypto payments in US.