'Ethereum Killer' Polkadot Crypto's Price Touches An All-Time High: What's Going On?

Polkadot’s DOT/USD price crossed the $50 barrier on Monday to reach an all-time high of $51.47.

What’s Moving: The token of the open-source network that is often described as a “blockchain of blockchains” traded 15.7% higher at $49.01 over 24 hours at press time. Over a seven-day trailing period, it has risen 11.34%.

DOT has risen 14.15% and 12.41% against Bitcoin BTC/USD and Ethereum ETH/USD respectively.

Since the year began, DOT has soared 490.54%, and in the last 30 days, it has shot up 52.9%.
See Also: How To Buy Polkadot (DOT)

Why Is It Moving? Polkadot announced Monday that a motion to enable parachain registration and crowdlaons has passed the project’s council and gone to a public referendum.

The motion to enable parachain registration and crowdloans has passed Polkadot's council and been sent to a public referendum. If passed, parachain teams will be able to register their parachain and open their crowdloan on Nov. 4, 2021 at approx. 19:15 CET. https://t.co/5ouDWBmnvc

— Polkadot (@Polkadot) November 1, 2021

If the referendum is passed, teams would be able to register their parachains and open crowdloans beginning Thursday.

In October, Parity Technologies, a blockchain infrastructure company, had said parachains would come to the network. Parachains are full blockchains inserted into Polkadot’s network that help with validation of transactions, reported Decrypt.

Polkadot was trending on CoinMarketCap at press time. The token was not highly mentioned on Twitter and was referred to in 2,354 tweets, as per Cointrendz data. The top mentioned cryptocurrency, Bitcoin, attracted 9,232 tweets.

Polkadot is a so-called Ethereum-killer, which saw record gains earlier this year partly due to high transaction fees on Ethereum’s network.

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Photo: Courtesy of Polkadot