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PolySwarm (NCT) has registered an over 90% price increase in the past 24 hours, as major crypto assets experience minor dips across the board. PolySwarn is a blockchain project focused on strengthening cybersecurity in the Web3 space.
The current PolySwarm(NCT) price of $ 0.0397 represents a rise of 91% in the last 24 hours and an impressive 56.53% increase in the past week. The current circulating supply of 1.7 billion NCT gives PolySwarm a market cap of over $65 million.
PolySwarm, which is based on the Ethereum (ETH) network, is a Decentralized Antivirus and Cyber Threat Intelligence Ecosystem that uses smart contracts and blockchain technology to reward a global community of cybersecurity professionals.
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Instead of depending on one source for cybersecurity, PolySwarm provides a common place where enterprises, consumers, vendors and different experts come together to build a unified marketplace.
Through this collaborative process, anti-malware engines are built by various cybersecurity experts, which produces a fast-paced innovation to cope with emerging threats.
While this is in stark contrast to the predominant market dynamics, PolySwarm believes in interoperability and cooperative problem-solving, hence the participants can be sure of the collective protection provided by several anti-virus solutions.
Cybersecurity is a cornerstone discipline that protects digital systems, networks, and confidential data from cyber attacks or unauthorized access. In a world where almost everything is connected through advanced technologies, strengthening cybersecurity is paramount.
As PolySwarm (NCT) continues its bullish momentum, other cybersecurity tokens are experiencing varying fortunes. Hacken (HAI) and BLOCX (BLOCX) have seen positive gains of 20.32% and 34.16%, respectively. On the flip side, gotEM (GOTEM) faces a 37.44% decline, emphasizing the dynamic nature of the cybersecurity crypto market. Quantstamp (QSP) has seen a decline of 8.6% in the past 24 hours, according to CoinMarketCap.
At the time of writing, the total market capitalization for cybersecurity coins stands at $463.7 million, with a trading volume of $119.2 million, per CoinMarketCap data.
The alt-coin market appears to be following Bitcoin’s (BTC) recent surge that is impacting the entire cryptocurrency market.
The rise appears motivated by positive sentiment around the new exchange-traded funds (ETF) and the upcoming halving, has pulled in more investors into the crypto market.
It is worth noting that since the approval of spot Bitcoin ETFs by the U.S. Securities and Exchange Commission (SEC) in January, these funds have attracted investment from leading institutional investors like BlackRock and Fidelity Investments amounting to $7.35 billion. This flood of money has pushed the value of Bitcoin to new heights.
According to Fundstrat co-founder Thomas J. Lee, further growth for Bitcoin appears to be gaining steam in the 2024. Lee predicts that Bitcoin (BTC)price could hit a high price of $150,000, supported by supply and demand dynamics as well as the effect of spot ETFs, increasing the suspense around the ever-growing cryptocurrency world.