After the recent fall, the cryptocurrency market seems to revive back as most of the cryptocurrencies are showing great signs. In the recent surge, Polkadot surpasses XRP and overtook its position as the fourth-largest cryptocurrency. Coingecko, a crypto analytics platform, has stated that Polkadot’s DOT token has surpassed XRP in market capitalization as it has recently seen a surge of 26%. Now, as per the market capitalization, DOT has become the fourth largest cryptocurrency in the market.
Polkadot Surpasses XRP as its Market Cap Reaches $13.7B
In the last 24 hours, the DOT token has performed really well and because of this, it surpassed XRP. The token was trading below $11 and within the past 24 hours, it is able to reach $14.80, which is its all-time high. Due to such an impressive surge in price, its market cap has reached $13.7 billion.
However, on the other hand, XRP has seen a gain of just 3.7% while its market cap is $13.5 billion. Growing adoption is the reason why Polkadot is able to surpass XRP. Even though most analysts are claiming a further surge in DOT token price and its overall performance, CoinMarketCap is showing a 10 percent decrease in DOT supply.
Rococo Parachain Testnet Contributing to Increase
There are a lot of factors due to which Polkadot surpassed XRP, but the major factor seems to be the Rococo Parachain Testnet. This update went live in late December, and Polkadot seeing a great response for this update. It is gaining a lot of partners now with the success of this update. A lot of analysts claim that this update might also be the reason behind this surge in the DOT token. Along with this, the issues with DeFi on Ethereum is also contributing to this momentum.