Polkadot has been surging in November. The cryptocurrency climbed to a new all-time high as the new month began amidst bullish pressures. The new ATH lies at $55. DOT token has been vying to maintain the bullish momentum; however, bearishness become dominant. At the time of writing, the token stands at a price level of $36.18. The cryptocurrency has increased by nearly 10% during the day while the weekly performance shows a decline by the same number due to the current bearish momentum. The trading volume has been increasing during the daily timeframe. Polkadot is currently the ninth-largest cryptocurrency in the market.
Polkadot’s auctions
Polkadot’s first auction was won by Acala Network. Acala has received 32.5 million DOT or $1.27 billion. Acala described itself as Polkadot’s DeFi hub. Moonbeam – which was defeated by Acala – is the second winner of the parachain. The onboarding of the new parachain onto the mainnet will begin on the 18th of December along with the other top five winners of the auction. The second set of auctions of will begin on 23rd December and continue every two weeks into early 2022.
The parachain auctions are designed to onboard projects that are believed to make significant contributions to the Polkadot’s ecosystem. All of the parachain auction winners and contenders have a unique and positive proposition for the ecosystem. Although DOT is currently declining, December can prove to be a bullish month for the cryptocurrency. As the current winners will begin onboarding, the benefits for the ecosystem will start trickling down for DOT token as well.
Apart from the auctions, Encode Club’s Polkadot Hackathon has ended with the winners being announced. The hackathon was a result of a long-term partnership between the two projects and will be followed up by a Polkadot-dedicated accelerator. Some of the winners are also working on contributing towards DOT’s ecosystem.
Future outlook
The onboarding of the previous auction and the commencement of the current one will take place in December which means the price projections for the cryptocurrency are bullish. According to the estimates of Wallet Investor, Polkadot is expected to be operating at a price of $63 in a year’s time while the five-year projection places it at $171. Digital Coin Price has similar bullish predictions for DOT token. Their estimates place the year-ending price at $53 while the price by 2026 is projected at $121.
