- Polkadot's cross-consensus messaging format approaches first production ready release, likely to make interaction between Parachains flexible and future-proof.
- PolkaBridge's multi-chain automated market maker announces plan to onboard the Polkadot blockchain.
- Analysts expect DOT to break past $38 level and hit $50 before a pullback.
Polkadot’s recovery from the drop on September 7 was fueled by developments in the network. Analysts expect the altcoin to continue its rally and hit a new all-time high.
Polkabridge to onboard Polkadot, analysts expect a prolonged rally
Updates in the Polkadot ecosystem have triggered the altcoin’s ongoing rally. PolkaBridge’s multi-chain automated market maker currently runs on the Ethereum blockchain; it plans to launch its functionality and onboard Polkadot soon.
PolkaBridge has positioned itself as a decentralized financial application platform where users can swap tokens on the DOT platform to other chains. The Polkadot based dApp plans to launch on the Polygon network.
Interestingly, the sixth Parachain auction ended on September 8, and KILT Protocol won the slot. KILT is working on issuing claim-based verifiable, revocable and anonymous credentials to end users, and get them attested by trusted entities. Since trusted entities can issue credentials in return for money, the protocol will foster new business models in dApps.
The seventh Parachain auction goes live on September 15.
With projects like KILT building on Parachains, the native asset DOT’s on-chain activity is likely to get a boost and the altcoin is expected to rally.
Winners of the first five Parachain slot auctions include Ethereum Virtual Machine (EVM) compatible projects that offer a range of decentralized finance applications, delivering liquidity and staking rewards. Once Parachain auctions are complete, and the parallel blockchains are launched by Polkadot, it is set to drive an explosive increase in the utility and demand for DOT.
Michaël van de Poppe, cryptocurrency analyst and founder of Eight Global’s peak prediction of DOT’s price for the current cycle is $100 to $150.
Peak high predictions for this bull cycle:#Bitcoin to $275,000-350,000 #Ethereum to $7,500-12,500#Polkadot to $100-150#Chainlink to $100-150
— Michaël van de Poppe (@CryptoMichNL) September 12, 2021
-> #Cardano to $3-5#Zilliqa to $0.80-1.20#Ripple to $0.50-0.60
Predictions from January, #Cardano will probably go to $10. https://t.co/NksnLIEQo4
FXStreet analysts have predicted a 40% upswing in the altcoin’s price as it crossed major resistance at $29. DOT is likely to hit an all-time high of $50 in the current bullrun.
Information on these pages contains forward-looking statements that involve risks and uncertainties. Markets and instruments profiled on this page are for informational purposes only and should not in any way come across as a recommendation to buy or sell in these assets. You should do your own thorough research before making any investment decisions. FXStreet does not in any way guarantee that this information is free from mistakes, errors, or material misstatements. It also does not guarantee that this information is of a timely nature. Investing in Open Markets involves a great deal of risk, including the loss of all or a portion of your investment, as well as emotional distress. All risks, losses and costs associated with investing, including total loss of principal, are your responsibility. The views and opinions expressed in this article are those of the authors and do not necessarily reflect the official policy or position of FXStreet nor its advertisers. The author will not be held responsible for information that is found at the end of links posted on this page.
If not otherwise explicitly mentioned in the body of the article, at the time of writing, the author has no position in any stock mentioned in this article and no business relationship with any company mentioned. The author has not received compensation for writing this article, other than from FXStreet.
FXStreet and the author do not provide personalized recommendations. The author makes no representations as to the accuracy, completeness, or suitability of this information. FXStreet and the author will not be liable for any errors, omissions or any losses, injuries or damages arising from this information and its display or use. Errors and omissions excepted.
The author and FXStreet are not registered investment advisors and nothing in this article is intended to be investment advice.
Recommended Content
Editors’ Picks
Is Altcoin Season here as Bitcoin reaches a new all-time high?
Bitcoin reaches a new all-time high of $98,384 on Thursday, with altcoins following the suit. Reports highlight that the recent surge in altcoins was fueled by the victory of crypto-friendly candidate Donal Trump in the US presidential election.
Shanghai court confirms legal recognition of crypto ownership
A Shanghai court has confirmed that owning digital assets, including Bitcoin, is legal under Chinese law. Judge Sun Jie of the Shanghai Songjiang People’s Court shared this opinion through the WeChat account of the Shanghai High People’s Court.
BTC hits an all-time high above $97,850, inches away from the $100K mark
Bitcoin hit a new all-time high of $97,852 on Thursday, and the technical outlook suggests a possible continuation of the rally to $100,000. BTC futures have surged past the $100,000 price mark on Deribit, and Lookonchain data shows whales are accumulating.
Shiba Inu holders withdraw 1.67 trillion SHIB tokens from exchange
Shiba Inu trades slightly higher, around $0.000024, on Thursday after declining more than 5% the previous week. SHIB’s on-chain metrics project a bullish outlook as holders accumulate recent dips, and dormant wallets are on the move, all pointing to a recovery in the cards.
Bitcoin: New high of $100K or correction to $78K?
Bitcoin surged to a new all-time high of $93,265 in the first half of the week, followed by a slight decline in the latter half. Reports highlight that Bitcoin’s current level is still not overvalued and could target levels above $100,000 in the coming weeks.
Best Forex Brokers with Low Spreads
VERIFIED Low spreads are crucial for reducing trading costs. Explore top Forex brokers offering competitive spreads and high leverage. Compare options for EUR/USD, GBP/USD, USD/JPY, and Gold.