Polkadot Scales New Highs: Altcoin Headed To Hit $100?

Polkadot’s coin DOT is scaling toward new highs, with the coin hitting its all-time high at $51 Tuesday. Speculation is that the altcoin is all set to hit the $100-mark in the next year.

The altcoin’s price is on a consistent upswing in the expectation of an upgrade that will allow a parachain auction, which makes for one of the first reasons why DOT can be the next cryptos, breaking records and garnering market interest.

Simply put, parachain auctions allow DOT developers to register their projects on a parachain and get crowd loan funding for their projects — given the governing Polkadot Council approves the idea. This will allow developers to score their own slot, and build their own use case within the Polkadot network.

At the time of writing, the vote is unanimous ‘Aye’ (yes) indicating that DOT fans are looking forward to parachain auction. If launched, it is said that parachains will be able to process 1 million transactions/second. This might move the interest of investors from Bitcoin and Ethereum to Polkadot.

Furthermore, if predictions are to be believed, Polkadot, which started in 2021 at $9.26 and is currently trading at $51.20, will end the year at a price of $90.95. Polkadot price will climb to $157.45 in the first half of 2022, according to CoinPriceForecast.

Crypto experts believe that 2021 is the right time to invest in Polkadot considering the upswing in the trend of the altcoin’s prices. Since June, the prices have been consistently increasing--from $20.17 to now hovering around $50. In the last 24 hours, the price has changed by 3.19% and its current market cap is around $49 billion, according to CoinMarketCap data.

However, considering the market volatility and the continuous trigger warnings issued by the industry watchdogs, investors need to be careful while making decisions. Securities and Exchange Commission (SEC) in September issued an alert for investors that read: “Fraudsters continue to exploit the rising popularity of digital assets to lure retail investors into scams, often leading to devastating losses."