The market cap of one privacy-focused blockchain project is exploding in value, according to crypto analytics firm Santiment.
Santiment says that the market cap for altcoin Verge (XVG) more than tripled in just two days as bullish sentiment soared.
“The market cap of Verge has more than tripled (+209%) in just 48 hours, and it’s unsurprisingly the top trending asset in crypto. XVG is seeing tremendous bullish sentiment, as our AI (artificial intelligence) bot explains. But watch for the FOMO (fear of missing out ) effect.”
Verge is a privacy-focused blockchain seeking to offer a fast and efficient decentralized payments network that improves upon the original Bitcoin (BTC) blockchain.
Verge is worth $0.00615 At time of writing, down 27.4% during the last 24 hours.
The Verge market cap reached a local high of $144,577,725 on Monday. At time of writing, the market cap declined to $101,616,789.
Santiment is also predicting that some altcoins may soon make a run to the upside after Bitcoin soared in social dominance since the start of the year.
The firm predicts likely bounces for such alt projects as Ethereum (ETH), Cardano (ADA), XRP and Binance Coin (BNB).
“With Bitcoin’s rise in price dominance in 2023, it’s no surprise to see that greater attention is being paid to crypto’s #1 market cap asset. But keep an eye on ETH, ADA, XRP, BNB, and other assets that are seeing little attention by comparison.”
Featured Image: Shutterstock/jovan vitanovski/Sensvector