When it comes to volatile cryptocurrencies, there are quite a few notorious examples on the market. Bitcoin is obviously at the top of the list, but it is far from the only currency to suffer from this fate. In fact, it seems the Verge price is gaining some momentum in this regard as well, although that is not necessarily a positive development.
Verge Price Volatility Reigns Supreme
It is quite interesting to keep an eye on price movements associated with the Verge price. While the currency has a very loyal community and following, it is evident there are a fair few ups and downs to take into account. While it is true there is some positive Verge price momentum as of right now, that may not remain in place for much longer. All cryptocurrency markets are showing signs of further bearish pressure, which will push the values down even further.
For the Verge price, we are currently looking at a solid 7.13% increase over the past 24 hours. As such, the value per XVG has risen to $0.069 once again, which is not necessarily all that bad. Even so, we have seen this value a few times in the past few weeks, and it never remained at that level for some unknown reason. With the volatility clearly present in this industry, it has become evident there is no price stability whatsoever.
It is also worth noting the Verge price increase is a direct result of a 11.49% gain over Bitcoin itself. The correlation between Bitcoin and altcoins works both ways, although it doesn’t happen all that often we see a declining Bitcoin price result in positive price momentum for an altcoin. Even so, it seems the Verge price can effectively note some temporary gains, albeit it seems to be a matter of time until the Verge price drops below $0.065 again.
With $115.6m in 24-hour trading volume, the demand for XVG is certainly present as of right now. Even though it remains unclear how much of this demand is genuine or part of a brief pump-and-dump cycle. It is certainly possible the Verge price is getting a brief pump as of right now, but that doesn’t necessarily have to be a bad thing in the world of cryptocurrency.
Judging by the list of exchanges trading XVG, it seems Binance is tightly controlling the market. Its BTC and ETH pairs generate about 45% of all trades, although Upbit’s KRW pair is also generating a hefty amount of trading. All of this further confirms there may be a small pump taking place right now, especially with all of the bearish pressure on the cryptocurrency markets as of right now.
Whether or not the Verge price will remain at the current level, or drop below the current threshold, remains to be determined. It is evident bearish momentum is forming across all cryptocurrency markets as of right now, but it seems to be a matter of time until things improve once again. For now, the Verge price needs to be taken in stride at all times, but it is only normal things will remain volatile until stability is found.