Polkadot Price Reached New ATH, Enters Price Discovery Mode

November 3, 2021 at 06:47 AM GST 1 min read News

Polkadot price has reached its all-time high at $53.25.
DOT price has entered price discovery.
Polkadot council has approved the parachain registration crowdload motion.

Polkadot (DOT) recently hit its all-time high (ATH) price. At the time of writing, DOT price ATH is $53.25, according to CoinGecko.

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DOT/USDT 1-day chart (source: TradingView)

As seen on the chart above, Polkadot’s uptrend is convincingly above the 50-day Simple Moving Average (SMA) and 200-day SMA.

On the other hand, trading volume has yet to reach record-highs.

In terms of fundamentals, one reason that may have caused the DOT price uptrend is the recent update on the parachain registration and crowdloan proposal.

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

Once the motion has passed the public referendum, teams who built their parachains on the Polkadot blockchain will be able to start their crowdloan on November 4.

Meanwhile, parachains are specialized blockchains built for a specific project and purpose by independent developers. Also, these chains integrate on the Polkadot and Kusama blockchains (two separate blockchains that have identical codes).

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