In what is becoming a regular pattern this year the short crypto rally did not last long. Looking at the charts it appears that a whale dumped a load of Bitcoin yesterday causing its price to plummet over $350 in an hour. Either that or traders fell for another attack of media FUD which seems to be more likely. BTC went from over $7,100 to below $6,800 and as usual dragged all of the other cryptocurrencies down with it. This morning in Asia Bitcoin is trading at $6,800 and has failed to recover those losses. As a result altcoins are largely in the red again with only one showing promise at the moment, and that coin is Verge.
Coinmarketcap reports that XVG is trading 31% higher this morning. The altcoin has lifted from $0.067 to $0.089 in the past 24 hours as it nudges back towards ten cents. Verge has enjoyed a very strong week rising 60% from $0.053 this time last week. Over the month XVG has fared even better over doubling in price from $0.040 this time last month. Against Bitcoin Verge is up 37% at 1300 satoshis from 950 sats this time yesterday. Over the past 7 days XVG has climbed 75% against BTC rising from 740 satoshis this time last week.
The momentum may be from the success of the hardfork following an attack on the blockchain last week. The announcement of the new partnership on the 17th also draws closer which could be enticing traders to load up on XVG before the big pump. This could go either way though as over-hyped partnership announcements can fall flat if they do not live up to expectations.
Verge has been traded heavily on Binance in the past 24 hours with 50% of the trade volume. That volume has increased from $65 million to just over $300 million over the past day. Verge has now moved up inside the top 20 for market capitalization and it currently occupies 19th spot with $1.3 billion.
Total crypto market cap has fallen 3.7% over the past 24 hours largely due to that single panic sale. It currently stands at $260 billion where it has been for around a week now. There are very few other altcoins in the green this morning, in fact the only one joining Verge with a price increase during the Asian trading session is Ontology.
More on Verge can be found here: http://vergecurrency.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
Let’s block ads! (Why?)