Polkadot (DOT) Price Rises Above $7 – Can it Reach ATH of $55?

• Polkadot (DOT) has been trading above the $6.50 level, currently at $7.21.
• The crypto bloom of 2021 saw its price reach an ATH of $55 in November while the crypto crash in Q2 2022 pushed it below $6.
• Recently, Polkadot upgraded to v9270 version and Deutsche Telekom purchased a large amount of DOT tokens.

Polkadot Price Overview

After forming a base above the $5.80 zone, Polkadot’s (DOT) price started afresh and climbed above the $6.20 and $6.25 levels to move back into a positive zone. The bulls were able to push the price above the $6.50 level, trading at $7.21 at press time. However, there was a major bearish trend line forming with resistance near $6.70. Currently, Polkadot is ranked as 12th largest cryptocurrency with a market cap of over 8 billion USD .

Roadmap Roundup

In a blog post published on 26 September, 2022, the Polkadot team provided updates on their Roadmap Roundup which aims to reduce the duration of parachain blocks to six seconds and increase available block space by 5-10 times with asynchronous backing feature.. This will also enable reusing parachain blocks if they don’t make it onto relay chain on first try and this will result in higher transactions per second (TPS) capacity – up to 100K-1M TPS eventually .

ICO & Performance

Prior to its launch, Polkadot had raised over 144 million USD through Web3 Foundation in an ICO itself in October 2017 . Since then , DOT had remained relatively stable until 2021 when its performance became highly bullish , reaching its all-time high price od 55 USD in November . In contrast , Q2 crash impacted its value adversely but it recovered soon after v9270 upgrade was released .

Competition With Ethereum

With Ethereum transitioning from PoW mechanism to PoS , Ethereum emerged as competitor of Polkadot as alternative PoS blockchain which led DOT’s price plunging down since then . Nonetheless , Robert Habermeier – co-founder of DOT claimed that he is happy for ETH transition and views them as collaborators rather than competitors .

Deutsche Telekom Acquisition

Recently , Europe’s largest telecommunication company – Deutsche Telekom acquired significant amount of DOT tokens which can be seen as promising for future performance for this token .