Bitcoin
BTC$36 440.02

-0.54%

Ethereum
ETH$2 391.51

-2.26%

Tether
USDT$1.000288

-0.01%

Binance Coin
BNB$380.90

2.83%

USD Coin
USDC$0.999656

-0.05%

Cardano
ADA$1.018466

-2.84%

Verge mysterious 11% surge still unexplained


March 2019

Verge's (XVG) mysterious 11% surge still without explanation


Verge (XVG) is on the rise again, after a new bull run took hold of the crypto market. While it is unknown how long will the bull run last or whether the bears will return at all in any foreseeable future, investors are still using this opportunity to invest in their favorite coins.

However, when it comes to Verge, the coin has not seen a lot of usage lately, and its daily trading volume is only at $2.4 million, while its market cap sits at $96.9 million. Meanwhile, the coin's price managed to grow slightly, going from a support at $0.0060 to $0.00638452 at the time of writing.

However, this growth, no matter how small, is easy to explain, considering that the entire crypto market is currently trading in the green. What is not so easy to understand is why did XVG grow by as much as 11% on March 3rd, only to come crashing back down on March 4th.

Verge's unexplainable spike


XVG has been rather stable throughout February, even if low priced. The only exception from this was the mid-February bull run, which — once again — had the entire crypto market grow. The bull run started on February 18th and ended on February 24th. Before and after the rally, XVG price was at around $0.006000, which is coincidentally the coin's largest support level.

However, a week after the mid-February rally has ended, XVG surged by 11%, allowing its price to break through several resistances in less than an hour. The coin broke through resistance levels at $0.006300, $0.006600, as well as $0.006900, reaching its highest point in the previous month at $0.007064.

The growth remains unexplained as of yet, as there is no real reason for it. In fact, Verge has not seen any kind of price spikes — apart from those that include the entire market — for a long while, due to a series incident regarding its mining code, that occurred in 2018.

One potential reason why Verge surged is the accidental tweet posted by its lead developer on March 1st. The tweet, which was allegedly supposed to be posted on March 4th, appeared early and shared a new sign-up process. The developer later deleted the tweet, explained his error, and congratulated those who managed to use the information before the tweet was deleted.

Series of unfortunate events regarding XVG


Verge was considered to be one of the top privacy coins for quite some time, and it even managed to enter a partnership with MindGeek, which owns Pornhub. However, that was before the coin turned out to hold a major vulnerability in its mining code. The flaw allowed it to be hacked several times by bad actors who ended up performing up to three time-warp attacks, as well as one 51% attack.

As a result, Verge's reputation was destroyed, and barely anyone touched the coin since. The situation became so bad that the project's developers announced that they are considering the abandonment of PoW and a transfer to PoS.

For now, this has not yet happened, although if it does, it will likely have a large impact on Verge. Its mining code will be protected from further misuse and attacks, although it could be argued that PoS will bring more centralization to the project. However, there are no easy solutions, and shifring over to PoS might be Verge's only remaining choice.


Related

Verge (XVG): A Naughty Cause for Price Increase
Verge (XVG): A Naughty Cause for Price Increase
Verge (XVG) Still Unable to Break the Resistance
Verge (XVG) Still Unable to Break the Resistance

Top Cryptocurrencies with Price Predictions

# Crypto Prediction Accuracy CVIX Price 24h 7d Market Cap 7d price change
1 Bitcoin (BTC) BTC Bitcoin predictions 76% 46 $36 440.02 -0.54% -6.27% $690 249 828 112 BTC 7 days price change
2 Ethereum (ETH) ETH Ethereum predictions 70.4% 60 $2 391.51 -2.26% -15.99% $285 413 947 340 ETH 7 days price change
3 Tether (USDT) USDT Tether predictions 92.8% 1 $1.000288 -0.01% 0.01% $78 191 159 918 USDT 7 days price change
4 Binance Coin (BNB) BNB Binance Coin predictions 66% 65 $380.90 2.83% -10.73% $62 892 838 207 BNB 7 days price change
5 USD Coin (USDC) USDC USD Coin predictions 92.4% 1 $0.999656 -0.05% -0.02% $49 469 609 170 USDC 7 days price change
6 Cardano (ADA) ADA Cardano predictions 67.2% 63 $1.018466 -2.84% -16.24% $34 172 614 154 ADA 7 days price change
7 XRP (XRP) XRP XRP predictions 72.8% 53 $0.595622 -2.09% -13.43% $28 433 155 075 XRP 7 days price change
8 Solana (SOL) SOL Solana predictions 66% 67 $88.51 -2.42% -27.36% $27 879 047 959 SOL 7 days price change
9 Terra (LUNA) LUNA Terra predictions 66.8% 73 $49.02 -18.93% -35.45% $19 644 476 734 LUNA 7 days price change
10 Dogecoin (DOGE) DOGE Dogecoin predictions 68.4% 64 $0.138977 -2.55% -9.51% $18 438 138 572 DOGE 7 days price change
11 Polkadot (DOT) DOT Polkadot predictions 66.8% 68 $17.64 -1.41% -20.96% $17 421 416 458 DOT 7 days price change
12 Avalanche (AVAX) AVAX Avalanche predictions 67.2% 67 $62.75 -3.19% -16.79% $15 365 789 164 AVAX 7 days price change
13 Binance USD (BUSD) BUSD Binance USD predictions 96% 1 $1.000626 0.19% 0.02% $14 853 235 915 BUSD 7 days price change
14 Polygon (MATIC) MATIC Polygon predictions 64.4% 74 $1.60 -0.20% -14.76% $11 930 161 847 MATIC 7 days price change
15 SHIBA INU (SHIB) SHIB SHIBA INU predictions 68% 68 $0.000021 -1.22% -19.95% $11 257 222 749 SHIB 7 days price change

Be the first to receive Cryptocurrency Price Predictions and Forecasts daily

Get cryptocurrency price predictions, forecasts with analysis and news right to your inbox.

© 2015-2022 Crypto-Rating.com

The usage of this website constitutes acceptance of the following legal information. Any contracts of financial instruments offered to conclude bear high risks and may result in the full loss of the deposited funds. Prior to making transactions one should get acquainted with the risks to which they relate. All the information featured on the website, including information about the cryptocurrencies and bitcoin is intended solely for informational purposes, is not a means of advertising them, and doesn't imply direct instructions for investing. Crypto Rating shall not be liable for any loss, including unlimited loss of funds, which may arise directly or indirectly from the usage of this information. The editorial staff of the website does not bear any responsibility whatsoever for the content of the comments or reviews made by the site users about cryptocurrencies. The entire responsibility for the contents rests with the authors. Reprint of the materials is available only with the permission of the editorial staff.