Upcoming parachain auctions send Polkadot to new ATH, while CHR and THETA follow

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“Uptober” is over, however as Zhu Su tweeted earlier on Nov. 1, the crypto market rally may lengthen by way of “Upvember, Upcember” and past. The month of October was stellar for Bitcoin (BTC) and Ether (ETH), primarily as a result of every hit new all-time highs. And though the costs are consolidating now, merchants are nonetheless wildly bullish.

The regular emergence of the Metaverse can be driving pleasure throughout the crypto sector, because it guarantees to be one of many driving forces behind improvement within the house. The idea of a Metaverse can be impacting the “actual world,” a first-rate instance being Fb’s latest rebrand to “Meta.”

Because the market heads into the month of November and bullish expectations run sizzling, let’s check out some tasks the place the info hints at potential upside breakouts.

Polkadot’s parachain auctions method

The Polkadot community is a sharding, multichain protocol designed to facilitate cross-chain transfers of any information or asset kind, and the challenge is targeted on rising interoperability between separate networks throughout the blockchain ecosystem.

Information from Cointelegraph Markets Pro and TradingView exhibits that momentum for Polkadot’s native DOT coin has been on the rise over the previous couple of months, with its worth rising 95% from a low of $26.05 on Sept. 29 to a brand new all-time excessive at $51.57 on Nov. 1 as its 24-hour buying and selling quantity surged 135% to $2.93 billion.

DOT/USDT 1-day chart. Supply: TradingView

The rising energy of DOT is essentially as a result of upcoming launch of parachain auctions on the Polkadot protocol. It’s possible that merchants are wanting on the success of the parachain auctions that passed off on Polkadot’s sister community, Kusama, and anticipating the identical to happen for Polkadot.

Polkadot’s parachain auctions have been in improvement all through 2021, and the joy surrounding their Nov. 4 launch seems to be the driving power behind DOT rallying to a brand new all-time excessive at $51.57 on Nov. 1.

VORTECS™ information from Cointelegraph Markets Professional started to detect a bullish outlook for DOT on Oct. 27, previous to the latest worth rise.

The VORTECS™ Rating, unique to Cointelegraph, is an algorithmic comparability of historic and present market circumstances derived from a mixture of information factors together with market sentiment, buying and selling quantity, latest worth actions and Twitter exercise.

VORTECS™ Rating (inexperienced) vs. DOT worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for DOT started to choose up on Oct. 27 and reached a excessive of 80 round two hours earlier than the worth started to extend 28% over the following 5 days.

Revolve Video games selects Chromia

Chromia is a layer-one blockchain community that’s Ethereum Digital Machine-compatible and able to enhancing layer-two efficiency on Ethereum and Binance Sensible Chain.

Information from TradingView exhibits that since hitting a low of $0.296 on Oct. 27, the worth of Chromia’s CHR token has surged 101% to a each day excessive at $0.595 on Oct. 31 as its 24-hour buying and selling quantity spiked to $371 million.

CHR/USDT 1-day chart. Supply: TradingView

The surging worth of CHR comes because the challenge’s gaming ecosystem has had a number of optimistic developments, together with the announcement that blockchain gaming agency Revolve Video games selected Chromia to construct and host its play-to-earn ecosystem, in addition to the itemizing of DAR, the token of Chromia-based Mines of Dalarnia, on Binance.

Associated: ‘Uptober’ closes at record high in best month of 2021 — 5 things to watch in Bitcoin this week

Theta expands its NFT ecosystem

Theta is a blockchain-based video streaming protocol designed to function as a decentralized community the place customers are rewarded for sharing bandwidth and computing assets with others on the community.

Momentum for its eponymous THETA token has been on the rise over the previous couple of months as Theta’s nonfungible token (NFT) ecosystem has expanded and is now getting ready to host the launch of Katy Perry’s NFT project in December.

The token additionally acquired a lift after it was revealed that THETA stakers can be airdropped its TDROP governance token in February 2022, with the allocation every holder receives decided by the common variety of THETA staked through the analysis interval.

VORTECS™ information from Cointelegraph Markets Pro started to detect a bullish outlook for THETA on Oct. 28, previous to the latest worth rise.

VORTECS™ Rating (inexperienced) vs. THETA worth. Supply: Cointelegraph Markets Pro

As seen within the chart above, the VORTECS™ Rating for THETA climbed into the inexperienced zone on Oct. 27 and reached a excessive of 81 on Oct. 28 round three hours earlier than the worth started to extend 42.3% over the following three days.

The general cryptocurrency market capitalization now stands at $2.63 trillion, and Bitcoin’s dominance price is 43.8%.

The views and opinions expressed listed here are solely these of the creator and don’t essentially replicate the views of Cointelegraph. Each funding and buying and selling transfer includes danger, and it is best to conduct your individual analysis when making a call.