Started last week, the price value of DOT, the native token of the decentralized finance protocol Polkadot, is continuously going up. It has experienced a price rally of more than 85 percent over the past week. This has helped the coin to make several new records. First of all, it has set a new all-time value. Secondly, the market capitalization of the coin has reached a level not seen in its entire history. The sudden spike in the market cap also helped DOT to become the fourth-largest cryptocurrency by market value.
On the 15th of January, Polkadot’s DOT token recorded its new all-time high value by breaking above the figure of $14 for the first time. It did not, however, stop here rather it continued to rally higher and reached another significant price mark. On the 16th of January, the price value of DOT surged high to hit the milestone of $19 and set a new all-time high value of $19.32 on that day.
This remarkable price rally boosted the market capitalization of DOT upward. It broke the figure of $10 billion for the first time ever on the 15th of January. As the price value of the DOT token kept on rising, its market cap also kept on moving upward. On the 16th of January, the market cap of DOT jumped above the mark of $16 billion to set a new high. At the time of writing, the market capitalization of Polkadot is standing at around $16.1 billion, as per the data from CoinMarketCap.
With this market cap, Polkadot’s DOT has become the fourth-largest digital currency in the world in terms of market capitalization. It has overtaken XRP, the native cryptocurrency of Ripple, to become the world’s 4th-largest crypto by market value. XRP, on the other hand, is continuously going down both in terms of price value as well as market cap due to the legal battle between Ripple and the US SEC which has not cooled down so far. With a market cap of around $12 billion, XRP is now holding the 5th spot.
Polkadot is now aiming at breaking above the price level of $20 which is the next short-term target for the coin. At the press time, the price value of DOT is revolving at around $18.03 with a change rate of 36.88% over the last day.