ADA and DOT pushed Ripple’s XRP out of the top 5 cryptocurrencies by market cap today as we are reading more in our latest altcoin news.
The market capitalization represents the number of coins that are in circulation right now, multiplied by their price so ADA and DOT are up by 23.5% and 35.2% over the week while their maker cap reached $2.8 billion and $30.25 billion respectively. Thanks to the new price boosts, Polkadot is now ranked 4th while Cardano took 5th place on the list, pushing XRP back to 6th place with a market cap of $25.17 billion.
XRP’s price was crushed due to the US Securities and Exchange Commission filing a lawsuit against Ripple Labs alleging that the tokens were unregistered securities. Right after that, XRP’s price took a drop as the exchanges started delisting it. Despite the slight rally to $0.5, XRP falls short still and was quite late with the price surge in December. Trader dubbed JB87 said:
“XRP encountered well-documented problems with the SEC and got de-listed from several big exchanges. This makes it harder for retail investors to enter during the current bull run. Polkadot is liked a lot in Asia and sees more and more projects building on it resulting in more and more adoption.”
Cardano and Polkadot were garnering a lot of positive sentiments as of late, hand in hand with DeFi as well as the trader added:
“[The fact] that XRP, Cardano, and Polkadot are three of the largest projects in the cryptocurrency space should demonstrate to everyone that there are yet no incumbents in the field. The aforementioned three are very far from being platforms suitable for mass-adoption. As such, at this early stage, there’s ample chance for any innovative and well-liked project to succeed.”
As recently reported, Bitcoin touched $50,000 for the first time in history while the total crypto market cap increased to $1.5 trillion as Polkadot replaces Cardano as the 4th biggest cryptocurrency. The primary cryptocurrency hit $50K which is a huge milestone for the BTC price which added 72% to the face value since 2021 started. Polkadot’s DOT token became the 4th biggest cryptocurrency by means of total market capitalization as per the data by CoinGecko. The altcoin surpassed Cardano’s ADA and is now $3 billion behind Tether.
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