Here's why Polkadot is likely to rebound to all-time high of $50

Polkadot’s recovery from the drop on September 7 was fueled by developments in the network. Analysts expect the altcoin to continue its rally and hit a new all-time high. 

Polkabridge to onboard Polkadot, analysts expect a prolonged rally

Updates in the Polkadot ecosystem have triggered the altcoin’s ongoing rally. PolkaBridge’s multi-chain automated market maker currently runs on the Ethereum blockchain; it plans to launch its functionality and onboard Polkadot soon. 

PolkaBridge has positioned itself as a decentralized financial application platform where users can swap tokens on the DOT platform to other chains. The Polkadot based dApp plans to launch on the Polygon network. 

Interestingly, the sixth Parachain auction ended on September 8, and KILT Protocol won the slot. KILT is working on issuing claim-based verifiable, revocable and anonymous credentials to end users, and get them attested by trusted entities. Since trusted entities can issue credentials in return for money, the protocol will foster new business models in dApps. 

The seventh Parachain auction goes live on September 15. 

With projects like KILT building on Parachains, the native asset DOT’s on-chain activity is likely to get a boost and the altcoin is expected to rally. 

Winners of the first five Parachain slot auctions include Ethereum Virtual Machine (EVM) compatible projects that offer a range of decentralized finance applications, delivering liquidity and staking rewards. Once Parachain auctions are complete, and the parallel blockchains are launched by Polkadot, it is set to drive an explosive increase in the utility and demand for DOT. 

Michaël van de Poppe, cryptocurrency analyst and founder of Eight Global’s peak prediction of DOT’s price for the current cycle is $100 to $150. 

FXStreet analysts have predicted a 40% upswing in the altcoin’s price as it crossed major resistance at $29. DOT is likely to hit an all-time high of $50 in the current bullrun.