Thursday saw a new movement in the cryptocurrency market after the bull lifted several price supports. After days of suffering under the red line, Bitcoin and a majority of altcoins surged on the Baird to clock decent numbers. The biggest winner in the new leap was Polkadot [DOT] after cruising to a 19 percent rise over the past 24-hours.
Polkadot’s latest gains also allowed it to climb to rank eight while its nearest competitor USD Coin slipped to rank nine. At press time, DOT was trading for $41.4 while its market cap increased to $40.87 billion. The 24 percent weekly gain further allowed the cryptocurrency’s daily volume to rise to a 7-day high of $5.64 billion.
Polkadot has been on a green tear since the announcement of the Parachain auction process. Slated to begin in November, the process will allocate multiple slots for building on the Polkadot blockchain.
This will be part of the vision to create an interconnected blockchain framework. The latest milestone comes five years after the vision of a heterogeneous multi-chain framework was first concocted.
The latest price hike witnessed large swathes of users enter the Polkadot industry, trusting the bullish market. Buying pressure touched the overbought threshold as money coming into the market shot up. Analysts predict another spike if the wave of new buyers continues to crest.
A look at the market’s numbers indicated a revival in its peripherals. Just today, the global cryptocurrency market cap jumped by more than 2 percent to settle at $2.38 trillion. At the same time, the total trading volume received a 10 percent boost.