Polkadot (DOT) has flipped Ripple’s XRP in terms of market cap after a massive 31% rise in the last 24 hours. This makes it the new fourth-largest cryptocurrency by market capitalization.
Bitcoin (BTC) may be making significant strides this year, but Polkadot remains one of the strongest performers in 2021, constantly setting new record highs every day. The Polkadot price has risen more than 85% in 2021 and 84% in the past seven days, pushing Ripple (XRP) to fifth place on the Coinmarketcap table.
The Polkadot token rose from intraday lows of $12.68 to a record high of $20.05. XRP, on the other hand, was only able to increase 1.9% in the last 24 hours, which was not enough to bring the cross-border transfer token above $0.28. Its market cap is currently slightly below DOT at $13.1 billion.
The 9th largest cryptocurrency, Chainlink (LINK), also hit record highs of $22.95 to enter price discovery mode later. As buying pressure surged, the market value of the decentralized oracles token rose from its daily opening of $13.26 on January 13 to a new all-time high of $22.95 today.
DOT/USD Daily Chart
Polkadot is currently trading at $17.76 while Chainlink is down to $20.20 at the time of writing.
DeFi Tokens Foremost in the Crypto Market Run-Up
Several DeFi tokens have surpassed Bitcoin and Ethereum in performance. Bitcoin and Ethereum barely gained 1.98% and 6.02% respectively in the last 24 hours. Uniswap is up 27.83% in the last 24 hours and has been trading in a massive uptrend since November 2020. Synthetix is up over 550% since November 2020.
Aave, YFI, Sushi daily sentiment vs. Tweet volume. Courtesy: TheTie
Likewise, Aave has also shown an upward trend since November, gaining 24.56% in the last 24 hours and 69.31% on a 7-day basis to hit a new all-time high at $204.06 on Coinbase. The DeFi protocol subsequently entered the pricing process and may likely encounter very little resistance in the long run.
The number of Whales holding between 100,000 and 1,000,000 AAVE tokens ($16,000,000 to $160,000,000) has increased by four in the past five days, indicating that large holders expect AAVE to rise even higher.
Data from TheTIE also confirms a continuous rise in sentiment and social media activity in recent months.
Image Credit: TheTIE, Shutterstock