Key Takeaways
- Polkadot hit a new all-time high of $50.83 on November 1st after claiming the $50 mark.
- Polkadot goes ahead to hit another all-time high today, with its price smashing $51.93.
- Parachains have been integrated into the Polkadot Network.
- The price increase is attributed to the functionality and interoperability the Polkadot Network will provide upon integrating project-specific parachains.
Polkadot's native asset (DOT) increased up to 8.17% in the last 24 hours alone while it rose over 16% two days ago to break past the $50 mark, a new All-Time-High for the coin at the time. DOT price as of today hit a new ATH (All-Time-High) of $51.83. The massive bullish move in Polkadot’s price is attributed to custom-designed parachains integration.
This month has been working in DOT's favour because in the last quarter (May, specifically), the price fell to a dismal $25 for the coin following the widespread crash that occurred after El Salvador made Bitcoin (BTC) its legal tender.
Following the price increase and the announcement of the integration of parachains into the Polkadot (DOT) and Kusama (KSM) networks, both networks also got some upgrades to their functionality.
Parachains are advanced layer-1 blockchains that do not have the limitations of networks preceding them (legacy networks). They are essentially customized, project-determined blockchains subsumed into the Polkadot (DOT) and Kusama (KSM) networks. Parachains can be custom-designed for any number of use-cases. Polkadot's aim, however, is to become a layer-0 protocol, a blockchain for blockchains, which would effectively make it more interoperable across several networks.
The parachain proposal enabled Polkadot to rally up to a 15% increase for Polkadot (DOT) from $41.44 to $47.97 as the markets responded with excitement, increasing the trading volume and the price.
As of October 23rd, Polkadot already supported an estimated number of parachains in the 100 range.
The proposal was executed after a vote using the DOT coin by the developers, with a turnout of 50,075.40 DOT. The vote was unanimous, all 50,075.40 DOT being Ayes with 0.00 Nays. This method is also employed in decisions regarding DOT's branding.
The Polkadot's council gave the green light for the developers to start registering parachains on November 5th, enabling parachain teams to open their crowd loans.
Following this price surge, DOT currently sits on number 8 in the Coinmarketcap ranking, one of the topmost exchanges in the world. DOT's circulating supply is currently more than 900 million, while the value for its max supply is currently unavailable.
Related post: ETH reaches its loftiest peak in the aftermath of the Altair upgrade
Predictions indicated that DOT's value would be around $34 (Stormgain) at the end of 2021 and $74.90 by 2022. Seeing as it broke past the $50 mark in October/November due to the innovative parachains incorporation,
With the increase in blockchain interoperability, what will the future of financial transactions be in the next five years? Don't forget to share your thoughts with us in the comment section.
