Polkadot becomes fifth-largest blockchain as DOT reached new ATH

TL;DR Breakdown:

  • Polkadot crypto, DOT has risen to a new ATH of $11.60.
  • It’s currently ranking as the fifth-largest digital currency by market capitalization.

One of the biggest Ethereum blockchain rivals, Polkadot, has become the fifth-largest blockchain in the cryptocurrency market. The price of the blockchain’s native digital currency “DOT” recently surged to another level not seen since the network’s history, thereby raising DOT‘s market capitalization to a new level above Litecoin. 

Since December 2020, the cryptocurrency has been on a strong price momentum pushing up from $5.22 on December 28 to $9.1 on January 1, as seen in the chart below. 

Polkadot becomes fifth-largest blockchain as DOT reached new ATH 1

Polkadot crypto makes new ATH

According to information on Coinmarketcap, the Polkadot cryptocurrency increased to as high as $11.60 earlier today, which marks another all-time high (ATH) for DOT. However, the cryptocurrency slightly dropped below that range to $11.47 during the time of writing. This accounts for a 40.75 percent increase in DOT‘s price over the past 24 hours. Following the increase in DOT‘s price, its market capitalization also has increased accordingly.

From the current circulating supply of 899,578,983 DOT, the cryptocurrency now has a market valuation above $10.2 billion, per Coinmarketcap. This pushed up DOT‘s market position to the fifth-largest digital currency, surpassing the likes of Litecoin (LTC) and Bitcoin Cash (BCH). Ripple (XRP) is the fourth-largest cryptocurrency with a market capitalization of around $13.28 billion. 

It’s left to be seen whether Polkadot’s crypto will possibly surpass XRP, which recently faced a heavy dump amid the US SEC charges against Ripple, the blockchain company behind the crypto. 

Polkadot blockchain growth

Polkadot is an interoperability blockchain protocol founded by Gavin Wood, one of the founders of the leading blockchain network, Ethereum. Since the mainnet was released in May 2020, the native cryptocurrency has been growing steadily and ranked as the seven-largest digital currency by market capitalization on September 8. Its blockchain has attracted many developers building on it, including projects like KILT and Moonbeam, which is reportedly working on scalable smart contracts. 

As recently as December 8, Huobi invested $5 million to support the Polkadot ecosystem. 

Source: https://www.cryptopolitan.com/polkadot-fifth-largest-as-dot-reached-ath/