Ethereum (ETH) main competitor Polkadot (DOT) finally set its latest all-time high (ATH) record, $ 14.80 earlier this morning.
The DOT price spike also led to an increase in the market capitalization of the asset reaching more than $ 13 billion, making it the top five cryptocurrency for the first time after overtaking Litecoin (LTC).
This means that DOT prices have increased by around 141% since December 2020.
Analysts assume that this rocket surge is driven by several factors linking Polkadot to be involved in various development projects throughout 2021, causing investors to remain attracted to the DOT.
The development of Polkadot is also seen to compete with most DeFi tokens, especially after the launch of the mainnet in May 2020, bringing the success of this asset as a result of projects such as Moonbeam and KILT.
Moonbeam is a project operating on a scale smart contract and KILT is a digital identity project.
This year Polkadot will continue to grow in collaboration with Moonbeam which will make it easier for developers to get used to Ethereum smart contracts for the rapid development of the Polkadot ecosystem.
Polkadot is also reportedly working on Acala, a parachain built to create an unlimited economic base for the Polkadot ecosystem, and Frontier, an Ethereum-Substrate customization project aimed at creating a standard blockchain network that will be used to build Polkadot blockchain and parachain systems.
At the time of writing, the DOT was trading at $ 14.38, down 1.6% from the ATH recorded just now.
