The rise in Verge Currency in the past few days comes as no surprise as the whole market faces a resurgence in price. The privacy coin saw its price increase to $0.018643 USD, representing a massive 31% increase in the last 24 hours. The coin has however, had a rough year as the partnership with Mindgeek was heavily criticized by various sections of the cryptocurrency community and the platform facing various 51% hacks on mining. With August troubles gone in the cryptocurrency universe and a fresh air of gains here with September, we look at the blessing of the ‘alt-season’ on Verge currency.
Verge to reach $0.1 during ‘alt-season in Q4?
“After the summer holidays in July and August ends, real work begins in September” – this was the sentiment of one Twitter user on the state of cryptocurrencies for the past two months. The world of cryptocurrency has seen a strong bullish momentum on the first day of September following the sharp fall in prices experienced in June, July and August.
The ‘alt-season’ is here with us as September commences. This is a period when smaller cryptocurrencies gain rapidly in price during a given period of time. The past 24 hours has seen the total market capitalization surpass $240 billion mark, representing a 6% day gain which is very positive to the crypto communities.
Rise in the altcoin market
During the Bull Run witnessed at the end of 2017 and earlier this year, the smaller altcoins were gaining at a ferocious pace compared to the well – established tokens. Verge was one of the coins to join the “alt-season” as the coin hit an all-time high in December at $0.30 USD across some exchanges. The coin has however had it tough during the year as it experienced a huge fall in price after the Pornhub partnership and successive 51% attacks on the blockchain.
In previous years [especially during the massive bull run in 2017] altcoins have been the biggest gainers and this should signal hope for XVG. As we approach the last quarter of 2018, pundits and experts expect to see a massive entry in the cryptocurrency market as buyers shake off the summer mood.
Low price of XVG is a blessing
After the huge fall in price of XVG earlier in the year, the coin dropped in the market capitalization rankings from 14th to 40th within some days. The coin has since seen a boost in its price as the cryptocurrency market is experiencing a bullish reversal.
The low price of XVG provides a cheap option to an investor to acquire a number of privacy coins. If the market starts to rally as we saw in 2017, XVG will stand to benefit as most investors look for a cheap option to purchase. With the price at $0.01 USD, it is easier for the coin to hit 100X gain to $1 than the larger cap coins.
With the Verge Foundation working hard to erase the reputation damage experienced from the FUD spread on XVG, and the continued partnerships, the market resurging will prove to be the Chemical X in pushing XVG’s price towards its all-time high price once again.