Polkadot’s native DOT token price hit a new all-time high of 16.92 while flipping XRP for the fourth spot in market cap again. The fourth-largest cryptocurrency by market capitalization is currently in price discovery mode having already gained more than 21% over the past 24-hour.
DOT Price Gains Outshine All Other Cryptos
DOT price also outshine all other cryptocurrencies in terms of weekly gains. As most of the market was struggling to hold their gains DOT price increased by more than 78%. Dot’s massive growth has also made it the first new-age token post-2017 to make it to the top-5. A couple of weeks ago, DOT has flipped BCH for the 6th spot with a similar price rally over 77% that week as well.
Why DOT Price is Surging?
Experts believe that the surge in popularity of defi tokens and the demand for scalable blockchain networks is behind Polkadot’s recent rally. The price rally started towards the end of December 2020 when DOT price managed to hit past its previous all-time high of $11, and since then the token has not looked back.
The best part about the surge is that it does not seem to originate from the regular pump and dump games, the defi token has managed to hold its gains and managed to further its rally without any bearish resistance.
The fourth-largest cryptocurrency now looking to solidify its 4th spot having flip-flopped between a fourth and fifth spot with XRP for a few days. The altcoin currently has a $2 billion lead in terms of the market capitalization against XRP and would look to extend that lead. The defi token also often dubbed as the next ethereum could very well replace Tether for the third spot as well if it goes on to build and further its current bullish momentum.