The current surge in the price 0f various altcoin is leading many to believe we are in the alt season. The latest feat with Polkadot furthers the claim and every trader who holds the cryptocurrency is in gains.
DOT surged above $50 for the first time since existence as it records a new all-time high at $53.3. The new ATH is responsible for the liquidation of more than $1.5 million long accounts.
What could be responsible for the hike in price?
The new ATH is largely due to the upcoming launch of parachain auctions on the Polkadot protocol. Kumasa also had a similar launch with a massive hike in price that was responsible for a m0re than 50% increase.
The preceding reaction of the sister network led many traders to be bullish on the coin, hence the ATH. The coin is having a little cooldown following a hike in the price of Polkadot and as a result the coin is trading a little below the mark.
Ether New Milestone
Previous analysis noted that Ether was aiming for a surge above $4,500 and predicted that with the increase in buying pressure, we may see the previous statement come true. MACD is looking good as both lines are maintaining distance between themselves.
We saw the above statement become a reality at exactly midnight (UTC) when the largest alt by market cap surged to an all-time high. The coin enjoyed hikes that sent it soaring above the set mark and going as high as $4,643.
Source: Etherscan
Recent price hikes could be traced to the deficit in ethereum supply over the last 24 hours. The supply chart shows a deficit of more than 900 as a total of 15,539 got burned during this time.
Ether could be heading for $5,000 this month as the coin as been on a bullish spree since the start of the quarter. However, the chart shows more retracement in the bid for $5k.
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