- Verge (XVG), a privacy-focused altcoin, has seen its market cap triple in just 48 hours, highlighting the bullish sentiment prevailing in the altcoin market.
- Crypto analytics firm Santiment foresees possible upward momentum for other altcoins such as Ethereum (ETH), Cardano (ADA), XRP, and Binance Coin (BNB), despite Bitcoin’s increased social dominance since the start of the year.
In a surprising twist, Verge (XVG), a blockchain project emphasizing privacy, has seen its market cap triple in a short span of two days, signaling the bullish sentiment currently flourishing in the altcoin markets. This dramatic surge has been noted by crypto analytics firm Santiment.
Verge (XVG) Takes Center Stage in Bullish Altcoin Market
Verge, seeking to enhance the original Bitcoin (BTC) blockchain’s capabilities, is dedicated to providing a swift and efficient decentralized payments network with an emphasis on privacy. Its market cap explosion to over 300% in a mere 48 hours has catapulted it to be the top trending asset in the crypto world. While the price of Verge at the time of writing stands at $0.00615, reflecting a 27.4% drop in the last 24 hours, the market cap had hit a local high of $144,577,725 on Monday before retreating to $101,616,789 at the time of writing.
However, the potential for the FOMO (Fear of Missing Out) effect should not be overlooked. The phenomenon occurs when a surge in the popularity or price of an asset causes an increased fear of missing out on potential gains, leading to a wave of buying that can artificially inflate the asset’s value. This often results in subsequent price correction once the frenzy subsides.
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The upward movement in Verge’s value isn’t an isolated event. According to Santiment, other altcoins are poised for a surge despite Bitcoin’s ascendance in social dominance since the onset of 2023. Bitcoin, the first and largest cryptocurrency by market cap, has been attracting significant attention with its price rally.
Nevertheless, Santiment advises crypto investors and observers to keep an eye on altcoins like Ethereum (ETH), Cardano (ADA), XRP, and Binance Coin (BNB). These projects are currently receiving comparatively less attention, but are likely to experience their respective surges, reflecting the general bullish sentiment brewing in the altcoin market.