Crypto analyst Chris Burniske predicts that these 9 altcoins could increase 23 times in the coming days.
Expect an increase for these 9 altcoins
Venture capitalist Chris Burniske recently took to Twitter to share his thoughts on alternative cryptocurrencies, which he believes has significant room for growth. Among them is Stacks (STX), where Burniske is particularly bullish.
STX is a project that aims to increase the utility of Bitcoin. Burniske states that while Ethereum’s layer 2 ecosystem has received significant attention and investment, Bitcoin is lagging behind in this area. With very little competition, however, the STX could potentially reap the benefits.
Ordinals have catalyzed a cultural shift in #Bitcoin that will work to $STX's benefit. For those that want more programmable uses of $BTC, applications built on top of @stacks will provide what they seek. https://t.co/icPTUGrMFQ
— Chris Burniske (@cburniske) February 26, 2023
Burniske points to MATIC, the largest layer-2 in Ethereum, with a fully diluted network value of $12.4 billion as a point of comparison. STX, on the other hand, is worth $1.36 billion, or just 0.28% of BTC’s fully diluted network value.
Burniske argues that if the STX were to be repriced at the same level as the MATIC, a potential reprice of roughly 23x could occur. He also named other altcoins he found interesting, including Dogecoin (DOGE), Toncoin (TON), Lido DAO (LDO), Internet Computer (ICP), Algorand (ALGO), Flow (FLOW), Decentraland (MANA), and Axie Infinity (AXS). .
DOGE’s rise in popularity
Dogecoin tops Burniske’s list, but it’s hard to pinpoint why. The cryptocurrency has seen a meteoric rise in popularity over the past year, partly due to the attention of celebrities like Elon Musk. Its use as a payment option for certain traders has also helped increase its credibility.
DOGE is worth $0.0809 and has been falling steadily for the past three days, according to cryptokoin.com data. TON is worth $2.41, LDO $3, ICP $6.03, ALGO $0.25, FLOW $1.2, MANA $0.64 and AXS $9.98.
Stacks had a great start to the new year
Stacks Network (STX) has seen a 180% increase in the last 2 weeks and its market cap reached $1.1 billion on February 28. This comes after STX’s market cap dropped to $285 million in December 2022. It happened at the same time as the broader crypto market surviving the capitulation of FTX and the record low transaction value of Bitcoin (BTC).
STX’s latest rally came after increasing demand for NFTs on Bitcoin’s blockchain network, with STX rising over 200% in 2023. According to Matrixport, the STX network offers smart contract compatibility with the high-level security of Bitcoin. Ordinals can take it to new heights with NFT.
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