Polkadot (DOT) Defies Market Trend Shooting 15%, Here are the Key reasons

While the broader cryptocurrency market has been witnessing selling pressure, Polkadot (DOT) heads north defying the market trend. Polkadot’s DOT cryptocurrency surged all the way 16% hitting an intraday high of $37.61.

As of press time, DOT is trading 11% high at a price of $35.18 and a market cap of $34.7 billion. With this, Polkadot has recovered all the losses over the last week and is trading in positive on the weekly charts.

Polkadot has emerged as a strong decentralized financial platform facilitating token swapping from the DOT platform to other blockchain networks. Furthermore, the Polkadot ecosystem has seen major developments with several parachain auctions.

Polkadot Parachain Auctions

The Kusama parachain auctions and the KSM token sales created a major buzz during the last month of August 2021. Last week, Polkadot concluded with its sixth parachain auction with the KILT protocol winning the final slot.

KILT is currently working on providing claim-based verifiable, revocable and anonymous credentials to the end-users. With this, the KILT protocol aims to boost new business models for decentralized applications (DApps) on the Polkadot blockchain.

With multiple parachain auctions and projects like Kusama and KILT coming to Polkadot, the native asset DOT is seeing a strong surge in on-chain activity. The seventh parachain auction on Polkadot will happen two days later on September 15.

The winners of the first five parachain feature EVM-compatible projects. These players bring a wide range of DeFi applications along with providing better liquidity and staking rewards.

Reiterating his price predictions for Polkadot, founder of Eight Global’s Michaël van de Poppe noted that the Polkadot price can go to $100-$150 levels. Although, the analyst hasn’t provided any exact timeline for this, he’s still eyeing 3x-5x gains from the current levels.

Polkadot (DOT) has been one of the top performing altcoins in 2021 and continues to hold its position in the top ten list. The year-to-date gains for the altcoin currently stand at 300%.