Polkadot Becomes fourth-largest Cryptocurrency after Displacing XRP
Polkadot (DOT) has witnessed a massive bull run in recent weeks, and now the cryptocurrency has achieved a new milestone. Polkadot has managed to surpass Ripple and is now the fourth-largest cryptocurrency based on market capitalization.
DOT price explodes and hits new all-time high
The last few weeks have benefited all major altcoins, but some are doing better than others. Polkadot (DOT) is one of the few that has recorded notable progress in setting new price records in recent days. DOT began the week trading close to $8 before its price experienced a massive surge hitting a new all-time high of $15 on Tuesday. After a slight correction, which resulted in the coin dropping to around $10, Polkadot resumed its march today.
DOT is currently up by 17% and created a new all-time high of $16.92 a few hours ago, according to CoinMarketCap. In the process, Polkadot (DOT) surpassed Ripple (XRP) as the fourth largest cryptocurrency with a market cap of $14.8 billion. At the time of writing, DOT is valued at $16.63 and looking likely to surpass the $17 mark in the coming hours.
The Polkadot project continues to generate interest
Polkadot rise to the top 5 lists of top cryptocurrencies has been remarkable, considering it launched in 2020. It has continued to generate interest as one of the projects that can compete with and eventually surpass Ethereum. Polkadot has established itself due to its strong team that includes Gavin Wood, a co-founder of Ethereum. Wood is highly respected in the cryptocurrency industry and has provided much-needed legitimacy for the project.
Polkadot has also been open with its developments, with massive updates expected in 2021. The blockchain project will continue the development of Moonbeam. This is a chain of smart contracts that will allow the deployment of Ethereum applications on the Polkadot ecosystem.
Besides, Polkadot has started to work on Acala, a decentralized financial hub. Acala is expected to enable the mobilization of liquidity and applications across various blockchains within a unified network. Thus fostering interoperability and creating a wide range of possibilities within the decentralized finance (DeFi) sector. It remains to be seen whether this enthusiasm continues in the coming weeks, but at the moment, DOT is experiencing its best weeks since its launch.