Verge is rocketing today after surviving one of the biggest market crashes the crypto space has seen. Currently up 136%, the alt coin has recovered over 257%, after hitting the bottom at $0.07 on December 22, 2017. Massive trading volumes had been seen on the Binance exchange yesterday, accounting for over 55% of the total $908,017,000 traded on the XVG/ BTC pairing - nearly double over the previous 24 hours.
After banking an 800% gain following John McAfee’s Twitter post earlier this week, many have been drawn to the privacy-focused coin as a cheaper, perhaps more undervalued, alternative to Monero and Zcash.
So why has it gained so much?
Verge’s price continues to surge in the lead up to the ‘Wraith Protocol’ release, due sometime this month; as investors look forward to having the option of executing completely anonymous transactions on the blockchain through Verge’s TOR and I2P services.
Privacy on the blockchain has always been a crucial factor for many crypto investors, as the famous NSA whistleblower Edward Snowden commented, “Bitcoin is great, but it’s not private. And we know that if it’s not private, it’s not secure.”
This is a growing concern, particularly now that Government tax bodies are using the blockchain ledger to identify capital gains tax avoiders; with the IRS ordering Coinbase to submit data regarding transactions made by its U.S account holders.
How far can it go?
At this stage it’s difficult to predict how far Verge will go. Many are anticipating Verge to peak at $1 if the wraith protocol proves favourable with its users, while others are seeing the huge price rise witnessed in the recent months as an over-inflation that will soon crash after the hype behind the alt coin dies down.
It’s not without saying that the Verge team will have to work hard if they’re to keep the current investor support behind them, especially now that the rest of the market is recovering strongly.