Now the fifth-largest cryptocurrency by market cap, Polkadot is hot on XRP’s heels.
Polkadot protocol’s DOT token’s price has increased by around 38% in the last 24 hours, driving it to $11.36. It went as high as $11.60 in earlier trading, the latest all-time high for DOT.
Because of this, the market cap of the token has passed the $10B verge for the first time, data from CoinMarketCap showed.
Polkadot is now the fifth-largest cryptocurrency by market cap, burrowed between XRP ($13.3 billion) and Litecoin ($9.6 billion).
Polkadot is an analogous newcomer together with blockchain networks. It has been built under the management of Gavin Wood and Jutta Steiner of Parity Technologies, which until last year split time between Ethereum-based projects and creating its blockchain.
Last December 2019, Parity stated that it would no longer maintain the Parity Ethereum client, which was then the second-most popular way of insinuating the Ethereum blockchain. The objective was to spend more time on Polkadot.
According to Polkadot’s product positioning, the protocol is not as much a competitor to Ethereum as an enhancer of it. It is designed to connect many blockchains so they can be interoperable. The DOT is equivalent to a governance token for voting on operations and a utility token for creating the so-called “parachains.”
Ever since launching its mainnet in May, Polkadot has attracted development from projects like the Moonbeam, which works on scalable smart contracts, and KILT, which works on digital identity.
It has also quickly discovered its footing in a topsy-turvy crypto market. In August, it ranked in the top 10 of all crypto by market cap. A month later, it had amassed a market capitalization of over $5B.
It wasn’t done and it has ridden a crypto bull run to rise to the top 5.
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