Polkadot Rallies to a New All-Time High. Will It Touch the $65 Soon?

Ether, Solana and now Polkadot. Some of the leading cryptocurrencies including Ether and Solana have reached new all-time highs in recent days.

DOT Reaches a New All-Time High

DOT, the native coin of the Polkadot ecosystem, had reached a new all-time high a few hours ago. The coin rallied to a new all-time high at $54.86 after increasing its value by more than 8% over the past 24 hours.

The rally was fueled by the anticipation of the upgrade that will allow a parachain auction on the Polkadot blockchain. A parachain is an individual blockchain on the Polkadot blockchain. The auctions allow DOT developers to register their projects on the parachain and generate funds via crowdfunding to launch their projects. The projects can be launched on the Polkadot ecosystem once the governing Polkadot Council gives the idea its green light.

The parachain upgrade will allow developers to score their own slot and build their own use case within the Polkadot network. As a result of this latest development, Polkadot rallied to a new all-time high.

DOT Could Touch $65 Soon

The DOT/USD chart is looking very bullish at the moment, thanks to the cryptocurrency’s latest performance. If DOT can maintain its current momentum, then it could make a move towards the first resistance point at $59.

However, DOT would need the support of the broader cryptocurrency market if it makes a move for the $65 resistance level over the coming days. With the crypto market’s excellent performance in recent weeks, DOT could look to top the $65 level for the first time within the next few days or weeks.

In recent weeks, Ether, Solana, Shiba Inu and Polkadot have all reached new all-time highs. The rally by some of these leading altcoins has pushed the total cryptocurrency market cap to reach $2.9 trillion. This is the first time the total crypto market cap is reaching that level.

In the coming weeks, the cryptocurrency market cap would likely touch $3 trillion, representing a significant boost from the same period last year when it was just over 41 trillion.