Polkadot (DOT) has surpassed XRP as the 4th largest cryptocurrency in the world. In this way, DOT became the most valuable virtual currency after Bitcoin (BTC), Ethereum (ETH) and the stablecoin Tether (USDT). This comes after several days in which DOT was able to register sustained positive growth rates.
Polkadot Becomes the 4th Largest Crypto
Polkadot surprised investors in the cryptocurrency market when its price surged by over 60% in the last 7 days. This allowed the virtual currency to reach a price per coin of $14.93 and have a market valuation of $13.39 billion.
During the same period of time, XRP and Litecoin (LTC) have been falling. Indeed, XRP and LTC have been the worst performing cryptocurrencies in the last week. XRP fell by over 11.3% while Litecoin lost 13% of its value. This shows that the recent drop experienced by Bitcoin negatively affected XRP and LTC.
It is surprising the weakness of LTC considering XRP has been hit by regulatory uncertainty and exchange delistings. Nevertheless, LTC continues to work on new privacy solutions for users, including an implementation MimbleWimble.
Polkadot aims at working as a protocol offering interoperability for different blockchain networks. In this way, it is possible to create parachains and help teams focus on their projects rather than on interoperability.
Apparently, cryptocurrency investors have been trying to search for new solutions that would allow them to increase their profits. We have seen how BTC has been losing value in recent days but some altcoins have been growing. Some of these altcoins include Polkadot, Cardano (ADA) and also Chainlink (LINK), among other DeFi coins.
This shows the market continues to search for new solutions that would allow them to register profits even when Bitcoin, the largest cryptocurrency in the world, is traded sideways. In recent days, BTC dominance fell from over 70% to 67.6% now. This shows a 2.3% percentage points slip.
Ethereum (ETH), the second-largest cryptocurrency, has been growing as well. At the time of writing, ETH is being traded above to $1,200 and it is very close to reaching its all-time high of $1,400 in the near future.
With DOT moving higher, we could expect a short-time retracement that would allow investors to take profits after a few days in which the coin provided large gains to traders. In the near future, ETH, LTC, DOT and BTC could continue growing and reach new highs.
Source: Read Full Article