Polkadot Price Rises To New High Above $50 For The First Time

The Polkadot price rises to a new high above $50 for the first time as the network moves towards increased functionality as we are reading more in our latest altcoin news today.

The Polkadot price rises to a new high as DOT increased over 16% in the past day to reach above the $50 price point and in doing so, it registered an all-time high of $50.87 which beat the previous record of $49.35 back in May. It was a great month for this cryptocurrency and not just in price but for its network functionality as well.
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A month ago, Parity Technologies created the network, announced that parachains will soon come to the network. These are essentially full blockchains that are incorporated into the Polkadot network for validation of transactions and security. Polkadot aims to become a layer-zero protocol or a blockchain of blockchains that are making networks interoperable. A recently passed measure by the Polkadot council means that the developers are able to start registering parachains starting on November 5^th which only affirms the council’s decision. The bid on auction slots and the creation of them means that the developers need DOT. The holders also use DOT as a governance token to vote on the measures and they will vote with DOT on the Polkadot branding as well.

After the announcement made in October, these parachains came along with the rising demand for DOT as both the price and trading volume extended northward. However, from this point of view, the asset stayed within the $40 and the $45 range. Parachains were available on the Kusama network which is something like a testament for the cryptocurrency and this was the same month when KSM set a price of $621.71, marking an increase of 9.5%.

As recently reported, Parity Technologies’ head of public affairs Peter Mauric says that Polkadot is the only protocol that fits the bill of a blockchain project providing enhanced scalability, security, utilization, and speed. He outlined that the advantages of this blockchain are strong over Ethereum and spoke about the project’s parachains. Ever since the official launch of the network in 2020 three years after the ICO with the sharded heterogeneous multichain protocol enjoying a substantial increase in terms of adoption.