Polkadot’s DOT surpasses XRP as largest crypto in terms of market cap

According to Coingecko, DOT as of publication time was trading at $15.92, with a market cap of $15,228,598,494 and a 24-hour trading volume of $2,260,715,356. An impressive growth that sees it overtake Ripple’s embattled digital token.

Source: Coingecko

Data from Polkadot’s own platform estimate it has an even higher market cap, while Messari crypto stats also show DOT have surpassed XRP with a $3 billion difference in market cap.

Polkadot, launched by Ethereum co-founder Gavin Wood in May 2020, is a proof-of-stake blockchain network and a potential challenger to Ethereum. The project is fully interoperable, enabling other blockchains to join the network as a sidechain. Also, the blockchain protocol has the ability to process thousands of transactions per second.

Ripple VS U.S. SEC

Ripple digital token lost its place as the third most valuable cryptocurrency after the United States Securities and Exchange Commission (SEC) hit it with a $1.3 billion lawsuits.

According to the U.S. SEC, XRP is a security and the defendants, which includes  Ripple Labs, Ripple CEO Brad Garlinghouse, and Executive Chairman Chris Larsen have sold large amounts of XRP over the years.

Ripple Labs inc. and Brad Garlinghouse has issued a statement disclosing its displeasure and position after the United States Securities and Exchange Commission (SEC) slammed a lawsuit against the exchange on December 23.

Ripple Labs CEO Brad Garlinghouse in a statement noted that the commission was wrong, stating that the exchange was law-abiding and “will ultimately prevail before a neutral fact-finder.”

“We will aggressively fight – and prove our case – through this case we will get clear rules of the road for the industry here in the U.S. We are not only on the right side of the law, but we will be on the right side of history.”

According to the SEC lawsuit Ripple Labs without registering its digital assets XRP raised over $1.3 billion. Further alleging that the crypto was a security.

The digital currency firm also noted in a statement that SEC’s allegations against it was an attack on the crypto industry in the United States.

“It has also needlessly muddied the waters for exchanges, market makers and traders. The SEC has introduced more uncertainty into the market, actively harming the community they’re supposed to protect,” it added.

Major crypto exchanges delist XRP

Since the U.S. SEC slammed Ripple with the lawsuit XRP have been facing tough times as more digital exchange platforms began suspending and delisting the digital asset.

Mostly recently US arm of popular cryptocurrency exchange, Binance US has disclosed its plans to suspend trading of the digital asset. Also crypto exchange Bittrex has halt trading of the crypto on its platform.

Grayscale Investments dissolved its XRP Trust, and Kraken disclosed that it would stop trading of the digital token on January 29, adding to a long list of prominent exchanges to do so.

Additionally, other cryptocurrency platforms like OKCoin, Coinbase, Bitstamp, and Bitwise, among several others, have also announced their decision to suspend trading of XRP.

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