Verge (XVG) Recovers, Hours Away from Big Announcement
XVG kept most of its price levels, but the days following the announcement may see another dip.
Verge (XVG) went through another strong rally on the Asian markets, up more than 14% overnight, to $0.099, with a view to continued growth. The recent drop in Bitcoin also saw XVG increase in Satoshi value, within a reasonable distance of its BTC price record. At one point, the price shot above 10 cents for a short time, with a real chance of revisiting that position.
Trading volumes are variable, with spikes and lows, but generally higher in the past weeks, moving away from the stagnation in February. For XVG, Binance and Upbit concentrate more than 60% of trading, but there is a fair share of trades on Bittrex, which recently opened to new registrations and may see additional inflows into XVG.
The hype surrounding the announcement may see another big wave of activity, but there is always the potential for selling.
XVG is the second most traded coin on Binance, with a 9.88% share of the entire activity, as a whole batch of previously sleeping coins are having a revival. The only similar activity is seen with Cardano (ADA), where trading volumes are also near $150 million for the day. XVG is also among the top 10 best-traded currencies, with a share of 2.45% of total volumes.
And while the Verge digital asset is, for now, mostly a tool for speculative trading, there are hopes of becoming a means of payment, creating a large peer network and becoming the future of money. This claim has been made by other coins as well, building strong communities and aiming to be adopted by merchants. However, those are for now only propositions for the far future.
Speculations of the mystery partner include Mindgeek, the ADYEN payment service, or even Ebay.
“This partner owns one of the largest payment processors on the internet with several hundreds of businesses routing their payment traffic through them. The partner is going to be supporting Verge Currency by rolling out a global marketing campaign with continuous marketing effort throughout the year,” wrote Stan Faas, Verge core team member.
The constant attention on Verge may see it rise to prominence. Additionally, a part of the latest funds raised may go toward Ledger and Trezor integration, further spreading the outreach of XVG.