Upcoming Parachain auctions send polkadot to the new ATH, with CHR and THETA to follow


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“Uptober” is over, but as Zhu Su tweeted earlier on November 1st, the rally in the crypto market could extend through “Upvember, Upcember” and beyond. October was excellent for Bitcoin (BTC) and Ether (ETH), largely as each hit new all-time highs. And even though prices are now consolidating, traders are still wildly optimistic.

The steady emergence of the Metaverse is also causing a stir in the crypto sector as it promises to be one of the driving forces behind development in the area. The concept of a metaverse also has an impact on the “real world”, a prime example of which is the recent renaming of Facebook to “Meta”.

As the market heads for November and bullish expectations are hot, let’s take a look at a few projects where the data suggests possible breakouts to the upside.

Polkadot’s parachain auction approach

The Polkadot Network is a sharding multichain protocol designed to facilitate cross-chain transfer of any type of data or asset, and the project is focused on increasing interoperability between separate networks across the blockchain ecosystem.

Data from Cointelegraph Markets Pro and TradingView show that momentum for Polkadot’s native DOT coin has increased in recent months, with the price rising 95% from a low of $ 26.05 on September 29th to a new all-time high. is up $ 51.57 on November 1st, when 24-hour trading volume rose 135% to $ 2.93 billion.

DOT / USDT 1-day chart. Source: TradingView

DOT’s rising strength is mainly due to the upcoming launch of Parachain auctions on the Polkadot Protocol. It is likely that traders are looking at the success of the Parachain auctions held on Polkadot’s sister network, Kusama, and expect the same to happen for Polkadot.

Polkadot’s Parachain auctions have been in development throughout 2021, and the excitement about their November 4th launch appears to be the driving force behind the DOT rally to a new all-time high of $ 51.57 on November 1st.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for 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, current price movements and Twitter activity.

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

As can be seen in the graph above, the VORTECS ™ Score for DOT began rising on October 27th, hitting a high of 80 about two hours before the price began rising 28% over the next five days.

Revolve Games chooses Chromia

Chromia is a Layer-One blockchain network compatible with Ethereum Virtual Machine and capable of enhancing Layer 2 performance on Ethereum and Binance Smart Chain.

Data from TradingView shows the price of Chromia’s CHR token has increased 101% from its low of $ 0.296 on October 27 to a daily high of $ 0.595 on October 31, while the 24-hour trading volume rose to $ 371 million has risen.

CHR / USDT 1-day chart. Source: TradingView

The price hike for CHR is due to the project’s gaming ecosystem seeing several positive developments, including the announcement that blockchain gaming company Revolve Games has selected Chromia to build and grow its play-to-earn ecosystem host, as well as the listing of DAR, the token of Chromia-based mines of Dalarnia on Binance.

Related: “Uptober” closes with a record high in the best month of 2021 – 5 things to watch for Bitcoin this week

Theta is expanding its NFT ecosystem

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

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

The token also received a boost after it was revealed that THETA stakers will air their TDROP governance token in February 2022, with the allocation given to each holder being determined by the average number of THETA stakes during the evaluation period.

Cointelegraph Markets Pro’s VORTECS ™ data began to see a bullish outlook for THETA on October 28, ahead of the recent price hike.

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

As can be seen in the graph above, the VORTECS ™ Score for THETA climbed into the green on October 27th, hitting a high of 81 on October 28th, about three hours before the price rose to 42.3 over the next three days % began to rise.

The total market cap of the cryptocurrency is now $ 2.63 trillion, and the dominance of Bitcoin is 43.8%.

The views and opinions expressed are those of the author only and do not necessarily reflect the views of Cointelegraph. Every step of investing and trading involves risk and you should do your own research when making a decision.