The current surge in the price of various altcoin is leading many to believe we are in the alt season. The latest feat with Polkadot furthers the claim and every trader who holds the cryptocurrency is in gains.
DOT surged above $50 for the first time since existence as it records a new all-time high at $53.3. The new ATH is responsible for the liquidation of more than $1.5 million long accounts. What could be responsible for the hike in price?
The new ATH is largely due to the upcoming launch of parachain auctions on the Polkadot protocol. Kumasa also had a similar launch with a massive hike in price that was responsible for a m0re than 50% increase.
The preceding reaction of the sister network led many traders to be bullish on the coin, hence the ATH. The coin is having a little cooldown following hike in the price of Polkadot and as a result the coin is trading a little below the mark.
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