Verge (XVG) Returns to One-Penny Range on Bitcoin (BTC) Recovery
The recent market recovery and renewed optimism lifted the altcoin to $0.01.
Verge (XVG), a low-priced altcoin claiming to have the potential to become the next major private payment currency, went through a long-awaited price recovery. XVG rose as high as $0.011 before retreating to $0.010. The asset spent a long time in sub-penny positions, dragged down by the bear market.
But XVG also had specific factors for its downfall, including a mining exploit that led to accelerated coin minting, as well as a 51% attack. The coin used multiple algorithms, but a hacker was able to take over one of them and dominate block production.
XVG became infamous for its rapid rally to as high as $0.22 in December 2017 before crashing to sub-penny positions. XVG also bet on its partnership with the leading adult entertainment platform to boost its position.
XVG trading volumes remain relatively low, rising to $22 million during the current price spike. But in the past month, volumes were as low as $3 million’s equivalent. More than 91% of those volumes are in the pairing with Bitcoin (BTC), meaning the resultant dollar price for XVG has recovered due to the movement of BTC prices above $5,000.
The Verge project is seen as relatively risky and viewed with skepticism, and the price recovery is relatively slow. Still, XVG added around 50% to its price in the past three months, gaining against BTC as well.
The Verge project is currently attempting to popularize the asset as an internet payment coin and a fast and relatively cheap network. The project is also expanding its community, planning a large-scale meetup in Rotterdam this May 25.
Currently, one of the Verge mining algorithms, Lyra-2REv2, is extremely attackable. Based on Crypto51, it would cost only $185 to attack the chain through this algorithm and produce blocks ahead of other miners. Additionally, the hashing power to attack the network is available through Nicehash, and in fact up to 178% of all hashrate can be bought through third-party mining services.