Verge backtracks and it even erased more than 15 percent of its price back falling to $0.004, getting further away from its recent spike. In our latest altcoin news, we take a closer look at the price analysis.
The Verge market price dropped dramatically on Tuesday despite the expected hard fork of the asset. The asset dropped a week of increasing higher and moving up by as much as 30 percent on a weekly basis. The strong decline, however, correlates with the entire downturn in the market as Bitcoin still looks shaky. Verge backtracks and trades around 57 satoshis as most of the valuation is stuck to the price of the benchmark cryptocurrency.
The price of XVG is looked from the short-term speculation opportunity as it hovers close to the rock-bottom prices and the latest announced hard fork had only a slight, temporary effect of the price. The sell-off could also be a sign that the investors are losing faith in the bullish recovery and exiting now before the drop of the prices gets worse. The team of the coin reminds the users to update to the latest version before the hard fork.
Some of the other bullish news for Verge by the end of the year includes the launch of the XVG on the Abra app and now the asset is available for limited wallets. Abra, however, announced new plans to include the asset around the world by the end of this month. Verge is one of the rare coins that have an almost exclusively BTC-based market with about 95 percent of volumes in the crypto to crypt pair. XVG is tied to Bitcoin’s price fluctuations with the possibility of Satoshi-based speculation thus making it capable of relatively large rallies.
Verge is also highly active on Binance as well with 54 percent of the volume and is widely traded on HitBTC. The coin is yet to regain its influence after the major pump-and-dump about two years ago. XVG increased to as high as $0.21 in December 2017 after the John McAfee promotion. The unraveling however angered most of the traders are Verge lost a lot of its gains. The other major impact against Verge was the potential for double-spending as well as the ridiculous Pornhub announcement.
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Stefan has been writing articles for DCForecasts since 2016 in-house full time. As one of our main cryptocurrency writers, he focuses on covering the latest cryptocurrency news, technical charts, price analyses of coins and press releases. When he is not exploring and covering the latest topics in crypto, you can find Stefan playing basketball, tennis or cycling.
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