This Altcoin Surged by Over 300% Fueled by Bullish Santiment
According to Santiment, a crypto analytics firm, the market capitalization of a privacy-focused blockchain project is experiencing a significant surge in value.
Within a span of just two days, the market cap of Verge (XVG), an altcoin, has more than tripled (+209%) and has become the most sought-after asset in the crypto market.
🥳 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 bot explains. But watch for the #FOMO effect. 👀 https://t.co/SesIpSIXlh pic.twitter.com/RKCqHrW7lo
— Santiment (@santimentfeed) July 4, 2023
This rapid growth in value can be attributed to the overwhelmingly bullish sentiment surrounding XVG, as Santiment’s AI bot explained. However, exercising caution and being mindful of the fear of missing out (FOMO) effect is important.
Verge is a blockchain project that aims to create a decentralized payments network with improved speed and efficiency compared to the original Bitcoin (BTC) blockchain.
At the time of writing, the value of Verge stands at $0.00615, reflecting a decline of 27.4% in the past 24 hours. On Monday, the market cap of Verge reached a peak of $144,577,725 but has since decreased to $101,616,789.
READ MORE: Bitcoin and Ethereum Supply Plummet on Exchanges, According to Goldman Sachs
Santiment also predicts that several other altcoins, including Ethereum (ETH), Cardano (ADA), XRP, and Binance Coin (BNB), may experience significant upward movements in the near future, following Bitcoin’s increased dominance in terms of social attention since the beginning of this year.
🗣️ 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. https://t.co/D2Ie9NtgWn pic.twitter.com/pvto19EnEA
— Santiment (@santimentfeed) July 3, 2023
In 2023, as Bitcoin’s price dominance continues to rise, it is natural to see a heightened focus on the top-ranked asset in the crypto market. However, it is crucial to watch lesser-known assets like ETH, ADA, XRP, BNB, and others currently receiving comparatively less attention.
Alexander Stefanov
Reporter at CoinsPress
Alex is an experienced finance journalist and a cryptocurrency and blockchain enthusiast. With over five years of experience covering the industry, he deeply understands the complex and constantly evolving world of digital assets. His insightful and thought-provoking articles provide readers with a clear picture of the latest developments and trends in the market. His passionate approach allows him to break down complex ideas into accessible and insightful content. Follow up on his content to be up to date with the most important trends and topics - stay ahead of the curve with CoinsPress.
