Polkadot Topples Ripple as fourth
TL;DR Breakdown
- Polkadot and Chainlink have defied all odds to reach new All-Time highs (ATH).
- BTC dips to $34.5K and reversed back to $37K.
- Polkadot replaces Ripple on Top 4 cryptocurrencies by Market Capitalization.
Polkadot and Chainlink have defied the odds of BTC replacement by reaching new All-Time highs.
Most altcoins followed BTC’s trajectory by dipping while Polkadot and Chainlink have broken their all-time highs.
Chainlink increased by 50% within 7 days and gained 20% in the last 24 hours to reach a new all-time high of over $22.8.
Polkadot Displaced Ripple as Fourth crypto by Market Cap
Polkadot has continued its recent fine form by reaching a new all-time high. DOT price was at almost $15 yesterday but it has surpassed the record to create a newer all-time high of 16.6 ( Binance) as of the time of writing this article. DOT is now the fourth-largest cryptocurrency by market capitalization thereby displacing Ripple (XRP) in the process. According to CoinMarketCap, DOT’s market cap is $14.8 billion.
Other mid and low-caps cryptocurrencies that recorded gains include IOST (50%), The Graph (30%), Ocean Protocol (27%), Band Protocol (22%), Basic Attention Token (14%), and others.
Bitcoin Dips to $34.5K but bounces back
Bitcoin has managed to recover from a hard dump to the $30K price area on Monday. On Thursday, 3days after Black Monday, BTC tried to break the $40K area again but the move was resisted by bears. Bitcoin bears took charge and sent the price back once more.
According to data from Tradingview, the price of BTC dropped to $34, 368 before rebounding to the $37K price area where it is currently trading.
Bitcoin dip is coming on the heels of the announcement of the proposed $1.9 stimulus bill by the Biden administration. Also, European Central Bank governor, Christine Lagarde recently stated that bitcoin is a money-laundering scheme.
Traditional markets were not spared from the pressure of the dip as the S&P 500 and NASDAQ closed at 0.72 and 0.73 respectively.
Meanwhile, the cryptocurrencies ‘ total market capitalization is still above the $1 trillion mark.
