Polkadot Surged Exponentially to Become 4th-Largest Crypto, Surpassing XRP

January 16, 2021 3:36 PM UTC

As bull rally continues in the crypto sphere, the price of Polkadot has surged more than 60%. As of now, the DOT token is trading for $14.66.

Moreover, Polkadot has also overtaken XRP in terms of market. According to data from CoinMarketCap, Polkadot’s market capitalization hit $13.2 billion for the first time in order to claim the title of the fourth-largest coin, after Bitcoin ($696 billion), Ethereum ($136 billion), and Tether ($24 billion). 

Polkadot is a proof-of-stake network created by Gavin Wood and Jutta Steiner. The platform native DOT tokens are utilized for voting on governance concerns and for generating “parachains.” Furthermore, Polkadot is completely interoperable, enabling multiple blockchains to connect to the protocol as a sidechain, and the network can handle thousands of transactions per second.

Kraken Follows Other Exchanges Steps to Suspend XRP Trading

Since the US Securities and Exchange Commission has sued Ripple Labs, along with CEO Brad Garlinghouse and Co-founder Chris Larsen, for raised unregistered securities offerings of almost $1.3 billion, Ripples faces countless problems.

In the wake of the enforcement action, several cryptocurrency exchanges have stopped XRP deposit and withdrawal services. Recently, the San Francisco-based crypto exchange Kraken has announced to suspend XRP trading for US residents on January 29.

“We may begin implementing this process at any time on January 29, 2021, so all U.S. clients are strongly encouraged to resolve their positions prior to that day,” the exchange stated.

The price of XRP has plummeted by more than 9% in the last few days. Currently, It’s trading at $0.28.

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