A historic flip: Polkadot becomes the fourth largest cryptocurrency

Facts and figures associated with DOT
  • DOT recently crossed XRP’s value to reach the fourth spot on the market cap charts
  • Meanwhile, XRP has only attained a profit of 3.7% over the last day
  • The statistics of Polkadot’s platform estimate an even bigger market cap of $14.8 billion

DOT has been reigning the market cap charts and has finally made its way upto the fourth position. Some big movers have been occurring since the crypto market rally has resumed. Within the same arena, Polkadot’s DOT token has managed to mark its place.

Facts and figures associated with DOT

Coingecko, a leading analytics portal, reported that DOT has managed to flip Ripple’s XRP. The flip has been attributed to market capitalization, which has resulted from an enormous profit of 26% over the past 24 hours. Thus, the fourth-biggest cryptocurrency got a new name added to its title: Polkadot’s DOT.

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Polkadot’s last historic status was an intraday low of just below $11. It has flourished and surged from that value to a record high of $14.80. However, it has silently retreated to $14.45 while this news is being written.

Coingecko reported that the huge price jump had pushed its market cap to $13.7 billion.

XRP’s converse status

Contrarily, XRP has only attained a gain of 3.7% over the last few hours. This was not deemed enough to overtake the value of $0.30 at which the cross-border transfer token sustains. Its current market cap remains below DOT’s current value at $13.5 billion.

The statistics of Polkadot’s platform predict an even more significant market cap value of $14.8 billion. The estimate rests on the utility of a circulation figure of just above one billion tokens. Messari crypto stats are on similar lines as well. They also represent DOT’s flip over XRP with a difference of $3 billion in market cap.

Coinmarketcap, the Binance owned company, is the only platform that has expressed its disagreement. It has reported the DOT supply to be ten percent lower. 

Polkadot’s coherent system 

Polkadot is a multi-chain protocol that contains multiple ‘parachains.’ These parachains are also called shards in Ethereum. It works on its technology called ‘Substrate,’ which is a framework of blockchain.

The respective platform is thus extremely compatible. It allows other blockchain to join the network as a side chain. The respective blockchain protocol ensures the processing of thousands of transitions per second, which further leads it to be dubbed the latest ‘Ethereum killer’.

The launch of Rococo parachain test-net was released in late December. According to the Polkadot community, it may be driving momentum, but the most recent update has been attracting partners.

Thus, it will be interesting for the readers to witness what the future holds for the league of DOT within all this context.

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Steve Anderrsonhttp://www.thecoinrepublic.com
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.

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