All cryptocurrencies are suffering from another downturn as we speak. With the Bitcoin price dropping by over 5% in the past 24 hours, yesterday’s prediction came more than true. It does appear the Verge price is still bucking this negative trend, despite this somewhat shady partnership “crowdfunding campaign”.
Verge Price is Surging for Some Reason
A lot of people expressed their concern over the recent Verge “partnership” and the way the team went about things. By asking XVG holders to contribute nearly $2.75M in funds before the team would even unveil this “potential partnership:”, there were genuine concerns over this being a major scam. Unsurprisingly, the crowdfunding goal was met, and it seems the Verge price is responding kindly to this news.
At the time of writing, no one has any idea what the partnership is all about. Even though the amount of money needed to be raised has been reached, the actual information still remains shrouded in mystery. Whether or not this is a positive development, remains to be determined, though. Regardless of what comes of this partnership, the current Verge price is surging by over 16% over the past 24 hours. The hype is very real where this currency is concerned.
It is also worth noting the Verge price increase is made possible thanks to a 21.67% gain over Bitcoin. Considering how the Bitcoin price is still going down as we speak, it is only normal some altcoins start to surge against Bitcoin. Even so, very few currencies can effectively do so right now. The current Verge price is still a long way removed from the all-time high of over $0.20, but things are starting to look up. It all depends on the actual partnership news, though, as the Verge price could crash pretty quickly if the news isn’t satisfactory.
With $176.08m in 24-hour trading volume, the demand for XVG is certainly there. At the same time, one has to wonder how much of this volume relates to the hype surrounding this alleged partnership, compared to the amount of “smart money” being thrown at XVG right now. Given the overall decline in cryptocurrency trading volume over the past few days, this volume is more than proper for a smaller altcoin.
As one would come to expect, the Verge trading volume mainly originates from the Binance exchange. That exchange alone generates over 56.46% of all XVG trades, which further indicates there is no fresh capital entering the XVG industry as of right now. Bittrex and Upbit complete the top three, although neither of those platforms offers a fiat currency pair for XVG either. An interesting mix of exchanges in the top three, but nothing really surprising either.
For the time being, it remains to be seen what the future holds for the Verge price as of right now. The hype surrounding this currency is very tangible, but the developers still have to deliver on a lot of their initial promise. Until we know more about this alleged partnership, the future of Verge still remains a mystery. The support from the community its pretty intriguing, but it remains to be seen if this effort was worth it.