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Verge (XVG) Rallies on Surprise Binance Prop

source-logo  cryptovest.com  + 1 more 11 January 2019 13:50, UTC

Verge (XVG) lined up among the day’s biggest winners after a rally that defied the Bitcoin (BTC) slump. While other winning coins ceded gains, XVG added more than 19% overnight, with the first signs of activity picking up at noon on January 10. Since then, the appreciation has accelerated, taking XVG up to $0.007, or 211 Satoshi.

The asset is still seen as risky, mostly due to the price volatility but also because of 51% attacks and double spending, which undermined the project’s reputation.

XVG got a boost from the recent launch of its iOS wallet in closed beta with a limited group of testers:

https://twitter.com/SwenVanZanten/status/1082272087857946624

However, the recent rally may be a one-off phenomenon as the sudden spike in activity is known to cause volatility in the crypto space. Korean exchange prices are no longer included in the calculations of CoinMarketCap to avoid distorting the average value. XVG prices on BitHumb remain slightly higher at the equivalent of $0.008.

XVG is registering its highest volumes in a month. However, toward the end of November 2018, the asset saw another significant albeit short-term rally. Reliant on the BTC pairing, it is extremely volatile and depends on speculation against the leading coin. XVG easily gains so much as to double its price in Satoshi but just as easily shed the gains as it is sold for BTC.

The asset is down 97% from its peak and more than 94% since January 2018. It spiked and fell quickly following the endorsement of John McAfee, which led to skepticism as the price sank to double-zero levels again.

XVG may get a boost from the promised NetCents crypto spending cards, which will also include leading digital assets Bitcoin (BTC), Litecoin (LTC), and Ethereum (ETH). The NetCents startup is still in the beta testing pre-launch stage, but the mention of XVG has been noted as a positive development.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

by Christine Masters, 1 hr ago
cryptovest.com

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