In the early morning of February 20, Polkadot (DOT) trading volume began to rise significantly, helping to push its multi-chain protocol to the next level of $ 42.28 full-time.
Data from Cointelegraph Markets and TradingView shows that the DOT hit a low of $ 29.36 on Feb 19 before making a breakout of 44%, pushing the price to a new high in 2021.
Tensions continue to build in the Polkadot ecosystem ahead of upcoming parachute auctions, which will allow the Polkadot network to connect to other established networks such as Bitcoin and Ethereum.
The mechanism by which data is transferred between the different blockchains is called a “lightweight message that passes between the chains” and is currently being finalized in the Rococo phase of the project roadmap.
Once the code has been fully revised, it is time for Polkadot to vote to enable the parachain functionality via a runtime update, followed by a vote to start tracking auctions to add a profitable parachain.
The number of conversations on social networks increased before the climax
VORTECS data from Cointelegraph Markets Pro showed an optimistic outlook for DOT on February 16th before the latest price rally.
The VORTECS score, excluding Cointelegraph, is a mathematical comparison of historical and current market conditions drawn from a set of data points, including market sentiment, trading volume, recent price movements, and Twitter activity.
Cointelegraph Markets Pro – VORTECS Crude review (green) vs. DOT price
As shown in the chart above, the VORTECS valuation of the DOT peaked at 81 on February 16, more than 48 hours before the subsequent price rally. The data also shows that the number of tweets related to DOT increased by 102%, in line with the price increase.
The introduction of the canopy will help bring Polkadot closer to its goal of becoming a platform for communication and data transfer between chains, and it will also help achieve the long-term goal of creating a fully decentralized private network that is controlled by users.