After three months of sustained rally with occasional speed breakers, Polkadot made an ATH of $51.59 ahead of its first parachain auctions getting approved. The parachain auctions had been in development throughout the year. The euphoria surrounding their 4 November launch seemed to be the main driving force behind the altcoin’s rally to a new all-time high. However, there was more to DOT’s rise than just that.
While the stage was set for DOT to reach a new ATH, as highlighted in our previous article there was still more scope for growth both in terms of development as well as price. So, here’s how the eighth-ranked alt’s trajectory could look in the future:
A bright November
Parachain auctions, allow DOT developers to register their projects on a parachain (an individual blockchain on the Polkadot ecosystem) and get crowd loan funding for their projects provided the governing Polkadot Council gives the idea its green light. The highly anticipated auctions that would go on all through November are set to ensure DOT’s rally in the coming weeks.
Further, DOT’s price reached ATH amid high euphoria from the retail crowd. Notably retail FOMO has played a major role in DOT’s rally as seen in DOT’s high trade volumes. The result of the same was a massive uptick of almost 50% in Polkadot’s market cap dominance.
Seemed like DOT rode on a wave of…