The DOT coin by Polkadot has been one of the biggest movers in the digital currency world. Researchers reported that the firm overtook the market capitalization of XRP by Ripple, with a large boom, of about 26% within just 24 hours. It turned Polkadot into the fourth biggest firm in the crypto world.
The DOT currency reached a new high of about $14.80 from a lower range of $11.00. The surging price has eventually helped the company rise with its market capitalization of an astonishing $13.7 billion. On the other hand, XRP has not managed that much of a hike, only rising 3.7% within a time frame of 24 hours. Although there hasn’t been much of a rise, Ripple’s capital still stands strong, right below Polkadot, at about $13.5 billion.
Polkadot’s Reaction To Their Hike
The estimate on Polkadot’s website had a different opinion on the stats. It reported a hike towards a range of capital amounted to $14.8 billion, recording over a billion figures moved. Another analyst also reported something more similar, mentioning the firm’s rise to be more than $3 billion that of Ripple’s.
One site disagreed with the above figures, saying the supply of DOT was 10% lower. The site was the only late one to post DOTs. Polkadot has a technology of its own, widely known as substrate. It is said to be a kind of blockchain framework. These blockchains can be connected to several others, letting it process over a thousand transactions at once. People have dubbed it the next “Ethereum Killer.”
Many external factors, like the Decentralized Finance sector, may also be responsible for the firm to gain such high momentum. It is famous for a healthy market technical structure and intensified scaling.