Verge wiped out some of the gains, but managed to hold onto a new price range.
Verge (XVG) is now permanently on the radar for crypto investors, as one comment from John McAfee brought it to attention and made the price grow seven-fold. But in the past day, XVG fell sharply, sliding by about 20% to $0.05672. The price is still up more than 544% this week.
XVG is curious for also rising against Bitcoin, and not just in dollar value. While other assets remain pressured by BTC, the spike in XVG means an inflow of BTC into a new asset.
Verge was mentioned in relation to other digital assets promising anonymous payments:
ZCash (ZEC) and Monero (XMR) have also risen strongly in the past week, but XVG has had a different run, due to its very low price. Curiously, Verge is a relatively old digital asset, around since 2014, which has, however escaped the interest of investors, while other coins gained more.
It was an almost-forgotten coin before the sudden inflow of interest, from Bittrex, but also from a recent listing on the newer exchange, Binance.
The Future of Verge
The upcoming news for Verge Coin include the Wraith feature, which was expected in the last months of 2017. The news may break in the next couple of weeks, but for now, the biggest effect on Verge was the free publicity and recommendation.
The Wraith protocol is an improvement on the coin’s wallet and security. This would reveal that the Verge team of developers is well-engaged with the coin’s price, because the presence of developer talent is one marker of a coin’s potential success.
But even at these prices, XVG has room to grow, or at least an expectation that the crypto bull market would continue in 2018:
Others are more skeptical, believing the delay in the Wraith Protocol would cause a slump in the price.
For now, Verge seems to have shaken off the bad publicity that was caused at the end of November by a breach in CoinPouch. The theft was for 126 million Verge coins, an even more significant financial lost after the price spiked.