Polkadot (DOT) jumps to 6th place by market capitalization and why it has the potential to become one of the top-3 crypto ?

Over the past few weeks, Polkadot (DOT) has secured sixth place in the ranking of all cryptocurrencies by market capitalization, ahead of Bitcoin Cash (BCH), Litecoin (LTC), Bitcoin SV (BSV) and Cardano (ADA).

The road to get there was an eventful one. The cryptocurrency was listed on several exchanges, including Binance and Binance, at a price of around USD 3 on August 19. After the start of trading, DOT initially peaked at USD 5.75, whereupon an immediate reversal took place and the DOT price fell rapidly to as low as USD 2.50. The slump was followed by a period of consolidation, with DOT showing a steady upward trend.

In the last week Polkadot's capitalization has risen by 120% and has taken sixth place in the ranking of all cryptocurrencies by market capitalization.

What makes Polkadot (DOT) so promising?

One of the main reasons for Polkadot’s rapid rise in price could be the comparisons with Ethereum. The booming DeFi ecosystem, which is primarily based on Ethereum, has led to a severe overload of the Ethereum network with high fees. Polkadot is considered by many experts to be a potential challenger, as it scales better and thus Ethereum could lose market share in the medium term.

On the other hand, the project positions itself as a cross-blockchain protocol that can transfer any kind of data, not only tokens, between different blockchains. Besides the strong technology, the name Gavin Wood could also play an important role. Wood is considered a key figure in the development of Ethereum’s programming language Solidity, as well as in the growth of the Ethereum network through his company Parity Technologies. In addition, Polkadot can already point to 199 projects that build on the network. All in all, Polkadot thus brings a lot to the table.

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