Polkadot (DOT) Reaches New All-Time High, Rises by Over 16%

Polkadot's native coin (DOT) hit a new all-time high, rising by over 16% in the last 24 hours to reach above the $50 level. DOT reached an all-time high of $50.87 since the $49.35 set in May.

The platform that helps the cross-chain transfer of information or asset types is trading high today as it reached $50.87. According to CoinMarketCap, Polkadot (DOT) is trading at $49.10 at the writing time.

The price spike is due to Polkadot’s first parachain auctions being approved by its community on October 14 and supposed to come soon in November. As reported in October, these parachains are everything that Polkadot needed to achieve its goal of multichain interoperability.

According to last month's reports, there will be 11 parachain auctions split into 2 batches with the first batch beginning on November 11, with 1 auction per week, and the second batch starting on December 23, but with 1 auction every 2 weeks. In addition, both auctions will continue for 7 days.

Not to mention that parachains are full blockchains that are fused into the Polkadot network for security and validation of transactions. Polkadot intends to be a layer-zero network.