Today, the price of Polkadot (DOT) hit a new all-time high of over $53.
Record high for the price of Polkadot (DOT)
Thanks to this leap, Polkadot surpasses XRP and becomes the world’s 7th largest cryptocurrency by market capitalization.
The price of DOT has risen by 15% in the last 24 hours alone, increasing its growth by 17% compared to a week ago, and by 62% compared to a month ago.
Over the past 12 months, DOT price growth has been 1,100%.
It is worth noting that the previous record was set on May 15, when it first rose above $47, so the current price is 10% higher than the previous high.
The fact is that in the last month new features have been released on the Polkadot network, and this has attracted more interest than in the summer months.
Network news makes DOT grow
In particular, October saw the announcement of the imminent launch of so-called “parachains“, i.e. complete blockchains embedded within the Polkadot network, which validate transactions and make them secure. In fact, Polkadot’s goal would be to build a kind of “layer 0” base for all other blockchains, or a “blockchain of blockchains” that would make the various networks finally interoperable.
Today, for example, it is absolutely impossible to directly exchange BTC with ETH on the respective blockchains without resorting to a few tricks such as pegging tokens (like WBTC), whereas Polkadot aims to make such exchanges possible thanks to its “layer 0”, which allows it to operate with several blockchains.
Thanks to a measure recently approved by Polkadot’s board, developers will be able to start registering parachains from November 5, if the community confirms the board’s decision.
DOT tokens are needed to make votes on the Polkadot network, but also to bid on auction slots and create parachains, so demand for this cryptocurrency is on the rise.
This is helping to drive up the price of DOT.
Parachains have been available on the Kusama network, Polkadot’s operational test network, since May, and it was in May that the KSM token hit its new all-time high at over $621.
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