ChangeNOW analysts note rise in interest in five altcoins in 2023

The ChangeNOW exchange service noted a rise in user interest in Verge (XVG), Zcash (ZEC), Monero (XMR), Litecoin (LTC) and TRON (TRX) over the past year. ForkLog was informed of this by the platform’s analysts.

“Following Bitcoin, we expect a more substantial rise in Ethereum. Typically, as the crypto market revives, investors tend to gradually move profits from Bitcoin to Ethereum, and then to smaller projects. Therefore now we are seeing renewed interest in the second-largest cryptocurrency by market capitalization.”

Among other altcoins we can highlight anonymous coins such as Verge (XVG), Zcash (ZEC) and Monero (XMR), as well as Litecoin (LTC) and TRON (TRX). Interest in the latter may be linked to the consistently high demand for Tether (USDT) on TRON,” — ChangeNOW representatives.

As Layer 2 solutions develop, users increasingly prefer to make payments in Ethereum through Abritrum, OP Mainnet and zkSync:

“By the onset of the bull market, Ethereum managed to address the scalability problem. Now users are not particularly troubled by high fees on the mainnet, as there are many alternatives. It is expected that activation of the hard fork Dencun next year will further reduce gas fees on the second layer. This will attract new people into the industry during the forthcoming bull run.”

Yet the absence of clear trends such as a DeFi frenzy could weigh on the situation. Nevertheless ChangeNOW remains optimistic and believes that there will be room in the crypto market for new ideas and projects that will ultimately alter market dynamics.

ChangeNOW is a non-custodial exchange supporting more than 50,000 trading pairs. No registration is required to trade on ChangeNOW. Users of the service can buy digital assets with Visa, MasterCard, UnionPay cards or via the SEPA payment system.

In the ChangeNOW product line you also have NOWPayments, the NOWTracker crypto-portfolio tracking app and the NOW Wallet.

Earlier, ForkLog explained what a spot Bitcoin-ETF is, and how its launch could affect the price of digital gold.