- Polkadot token displaced Bitcoin cash token to become 6th largest cryptocurrency globally in terms of market capitalization
- Gavin Wood says that Polkadot is a second thriving ecosystem in DeFi after Ethereum
- Polkadot will introduce more features in 2021 for developers to make more Dapps
Polkadot and it’s cryptocurrency DOT has now become the 6th largest cryptocurrency in the world displacing Bitcoin Cash. DOT has a market capitalization of $7.60 billion comparatively to BCH market capitalization of $6.35 billion. Polkadot has reached this level in less than one year of time frame.
It’s a challenging year for everyone, but it’s not a tough year for Polkadot, they are coming out of 2020 with a title of 6th largest cryptocurrency in market capitalization, And also they have a road map for 2021. Over 200 programs have invested using DOT programs and treasury.
Polkadot operating as an ecosystem
All smart contract platforms have a dream to beat the Ethereum platform. But thinking of Polkadot is far different from these platforms, Polkadot beats all the Ethereum platform competitors in terms of market capitalization, including competitors like Cardano (ADA) and EOS. Polkadot is a network which allows data to transfer across the blockchain technology, it acts as a bridge between the Ethereum application platform and Polkadot ecosystem. It usually takes less time than other blockchain platforms and at a cheaper rate.
Gavin Wood, the CEO of Polkadot, said that 2021 is a significant year for the development of the Polkadot platform, it will add features like parachain and offer developers to build Dapps on parachain Polkadot platform. It is estimated that Ethereum’s intelligent contract capability will be made available by the end of the second quarter of the year. Polkadot interrelate only with Ethereum applications but they are willing to expand their platform to other blockchain technologies.
BCH continues to struggle
It’s a challenging year for BCH, Bitcoin cash has touched it’s all-time lowest price. Bitcoin cash has released another hard fork which separates the chain into two types. This hard fork proves another disagreement between the community.
As we saw in the cryptocurrency market Bitcoin (BTC) price is increasing rapidly, but in terms of Bitcoin cash, it seems like investors and the community are not happy with its technology and promises. Rather than bitcoin other blockchain platforms like Ethereum increased over 500% in 2020. As Polkadot is on 6th rank, we can not say that the DOT program is successful or Bitcoin cash is failure technology.
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