Polkadot (DOT) marks new ATH amidst excitement over parachains

• Polkadot (DOT) has climbed above $50 marking a new all-time high successfully flipping XRP and climbing to seventh place by market cap.
• The price surge comes amidst community excitement about the upcoming parachain auctions.

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Polkadot (DOT) has in the last few days been a top pick among investors. The token has further enjoyed a positive run in the last 24 hours. According to our data, the digital asset has gained more than 10 percent which has pushed it to a new all-time high after climbing above $50. At this high, DOT briefly overtook XRP to become the 7th largest cryptocurrency with a market cap of around $51 billion.

The excitement stems from the highly anticipated parachain auctions expected this week. The Polkadot team led by Gavin Wood confirmed mid-last month that parachains will be coming to Polkadot. This will allow fully deployed blockchains to run on the Polkadot ecosystem. The blockchains will enjoy the security, scalability, interoperability, and governance of Polkadot.

The motion to enable parachain registration and crowdloans has passed Polkadot’s council and gone to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc

— Polkadot (@Polkadot) November 1, 2021

With the introduction of the new projects, not only will it open the network to new use cases but will also up the quality of projects integrating due to the high demand. If successful, this could make Polkadot the blockchain for other blockchains.

DOT eyes $100

As market analyst Lark Davis predicted, the month of November is set to be positive for Polkadot based on the parachain auctions. The analyst noted that while all the attention on parachain auctions has been on the Kusama network, on Polkadot, the interest will be higher and will bring with it large sums of investment.

Read More: Market analyst picks out 5 top coins investors should watch out for this November

Projects that are interested in the parachains have to auction for a slot, a process that involves placing bids in the native token (DOT) for a minimum of six months to a maximum of two years. This amount is then locked up for the agreed time period with the parties unable to stake or transfer.

Market analysts expect that after the launch, the token will continue rising and can reach as high as $100 over the coming weeks. In a YouTube video in which Crypto Michaël looks into the DOT price pattern, the market analyst notes;

DOT could continue towards $75 if crucial levels hold.

He further reveals that investors will be watching the $43 to $45 price level. Not only will this offer an ideal entry-level but also if this holds, it will point to a long-term bullish pattern for the digital asset.

DOT holders are further looking forward to a brand overhaul likely to take place in January. For this, holders and developers can vote on the final outcome. Those behind the initiative note that the project has struggled to effectively communicate its increased complexity. With the new branding, the team hopes to reach a wider audience.