How Polkadot Coin Placed in Crypto Top and Its Market Cap

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Polkadot Coin market Cap

Since the last month of April 2023, Polkadot’s asset value has increased almost four times. The coin stands at 4th position in the ranking list in the crypto industry.

Due to this earlier existing top five coins have been shuffled in the ranking list. Where Litecoin was holding the position, now Polkadot replaced the fourth position of Litecoin and took 4th position in the market’s top five ranked coins.

If you want to invest in Bitcoin and other cryptocurrencies then you can visit online trading platforms like Granimator.

As XRP falls, the Coin Ranks Fourth by the Market Cap 

The significant change in the series of cryptocurrencies is tremendous. Polkadot cryptocurrency first time took the fourth position among these biggest digital assets as per their market capitalization value.

While considering the estimated cost of other cryptocurrencies, the new asset has over $17.9 billion which is no doubt a new digital asset, prices are increasing very fast over as compared to last week and are about 82% up in the past few days alone.

It comes before Litecoin (LTC) and Ripple (XRP) and presently stands only behind Bitcoin, Ethereum, and coins like Tether.

What is Polkadot?

Polkadot is a newly introduced cryptocurrency with the advantage of next-generation blockchain protocol. Its protocol is helpful to create and interlinked multiple specialized blockchains into a single comprehensive network.

Single users can’t communicate with each other but Polkadot in this scenario is advantageous as it tries to offer interoperability which means software or a computer system can exchange and make use of information with ease which could lead to data exchange.

The focus of Polkadot is to build infrastructure for Web 3.0 and thus interrupt the monopolies of the internet and empower its users. Polkadot makes it possible to spread the transaction across multiple parallel blockchains and thus offer scalability which brings implications over the big network of Ethereum.

The first time launch of the Polkadot was in September 2020 after surpassing four years of its development. Its initial initiator was Gavin Wood in 2016 who was the co-founder of the Ethereum and a web3 Foundation. 

Upgrading Phase of Cryptocurrency  

However, the market value of Polkadot (DOT) has been upgraded over four times since January 2021.

Thereafter it initiated the rally function on March 23, reaching its all-time high of $20.05 on Friday, January 23, which is more than 480% higher compared to the initial and all-time low price of $3.70 in August 2022.

Moreover, while the weekend came across, Polkadot hiked up over $18.55 for writing duration.

The Contrary Part of Polkadot

Binance decided to provide funding to the crypto exchange of $11 million developed on the relative projects. Although the compilation among all cryptocurrencies is high, including Polkadot in the similar category as Tezos, Cardsno, Solana, or NEAR blockchains.

Apart from these DOT tokens have reached long-lived one of the top currencies XRP to fall to the fifth position. However the market cap of the Polkadot is now over $17 billion, meanwhile, XRP declined to $13 billion as compared to the recent data of CoinGecko.

Cons of Polkadot Coin

Even though the cryptocurrency is listed among several major exchanges and thoroughly coming across each currency, according to CoinMarketCap, it is still somewhat new. Due to the absence of infrastructure, massive amounts of liquidity are incapable to be made available and functional as well. Due to this some of the states still do not prefer Polkadot to become part of their community.

Conclusion 

The downfall of the market cap of XRP the drop in the XRP market cap comes from its delistings from considerable crypto trading with other crypt media.

The action was brought in after the United States SEC sued  Ripple Labs for trading XRP coins from a safety point of view.

Subsequently, the world’s biggest digital currency asset director Grayscale declared openly the shutting down of its XRP Trust last week.

There is no point in the discussion that one-day polka dot may grab its first position in the crypt market and lead to its contribution towards financial growth. With the significant development of the Polkadot, the cryptocurrency market will reach its heights. 

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