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Upcoming parachain auctions send Polkadot to a new all-time high, as CHR and THETA follow the trend

“Uptober” has ended, but as Zhu Su previously tweeted on November 1, the cryptocurrency market rally could extend to “Upvember, Upcember” and beyond. The month of October was stellar for Bitcoin (BTC) and Ether (ETH), mainly because each hit new all-time highs. And although prices are consolidating now, traders remain wildly optimistic.

The constant emergence of the Metaverse is also generating excitement within the cryptocurrency sector, as it promises to be one of the driving forces behind development in the space.. The concept of Metaverse is also impacting the “real world”, a good example being the recent rebrand of Facebook to “Meta”.

As the market heads into November and bullish expectations intensify, let’s take a look at a few projects where the data points to potential bullish breakouts.

Polkadot’s approach to parachain auctions

The Polkadot network is a multi-chain and sharding protocol designed to facilitate cross-chain transfers of any type of data or assets, and the project is focused on increasing interoperability between separate networks throughout the blockchain ecosystem.

Data from Cointelegraph Markets Pro and TradingView shows that Polkadot’s native DOT coin momentum has increased in recent months, and its price has risen 95% from a low of $ 26.05 on September 29 to a new all-time high. to $ 51.57 on Nov. 1, as its 24-hour trading volume increased 135% to $ 2.93 billion.

1-day chart of the DOT / USDT pair. Source: TradingView

DOT’s growing strength is largely due to the upcoming launch of parachains auctions on the Polkadot protocol. Traders are likely looking at the success of the parachain auctions that took place on Polkadot’s sister network, Kusama, and expect the same to happen with Polkadot.

Polkadot’s parachain auctions have been in development throughout 2021, and the excitement surrounding its November 4 launch appears to be the driving force behind DOT’s recovery to a new all-time high of $ 51.57 on November 1. .

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for the DOT on October 27, ahead of the recent price surge.

The VORTECS ™ Score, exclusive to Cointelegraph, is an algorithmic comparison of historical and current market conditions derived from a combination of data points including market sentiment, trading volume, recent price movements, and trading activity. Twitter

VORTECS ™ Score (green) vs. DOT price. Source: Cointelegraph Markets Pro

As seen in the graphic above, The VORTECS ™ Score for DOT began to rebound on October 27 and peaked at 80 about two hours before the price began to increase 28% over the next five days.

Revolve Games chooses Chromia

Chromia is a layer one blockchain network that is compatible with the Ethereum Virtual Machine and capable of improving layer two performance on Ethereum and Binance Smart Chain.

TradingView data shows that since hitting a low of $ 0.296 on October 27, the price of Chromia’s CHR token has risen 101% to a daily high of $ 0.595 on October 31, as its trading volume of 24 hours skyrocketed to $ 371 million.

CHR / USDT 1-day chart. Source: TradingView

CHR’s price increase comes as the project’s gaming ecosystem has had several positive developments, including the announcement that blockchain gaming company Revolve Games chose Chromia to build and host its play-to-earn ecosystem, as well as the listing of DAR, the Chromia-based Dalarnia Mines token, on Binance.

Theta expands its NFT ecosystem

Theta is a blockchain-based video streaming protocol designed to operate as a decentralized network where users are rewarded for sharing bandwidth and computing resources with others on the network.

The momentum of its eponymous THETA token has increased in recent months as Theta’s non-fungible token (NFT) ecosystem has expanded and is now preparing to host the launch of Katy Perry’s NFT project in December.

The token also received a boost after it was revealed that THETA participants will receive their TDROP governance token in February 2022, and the allocation each holder receives is determined by the average number of THETA stakes over the period of evaluation.

VORTECS ™ data from Cointelegraph Markets Pro began to detect a bullish outlook for THETA on October 28, ahead of the recent price surge.

VORTECS ™ Score (green) vs. THETA price. Source: Cointelegraph Markets Pro

As seen in the graph above, the VORTECS ™ Score for THETA rose to the green zone on October 27 and peaked at 81 on October 28 around three hours before the price began to increase 42.3% over the next few months. three days.

The overall cryptocurrency market capitalization is now $ 2.63 trillion, and Bitcoin’s dominance rate is 43.8%.

The views and opinions expressed here are solely those of the author and do not necessarily reflect the views of Cointelegraph. Every trade and investment move involves risk, and you should do your own research when making a decision.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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