After a few days of solid gains and good momentum the markets are sliding back downwards once again. Sparked by fears of a clampdown on Binance in Japan everything is in the red again this morning, a scene which has become quite commonplace this year. Bitcoin has declined by 6.8% on the day and has fallen back to $8,450 with further losses looking likely as we enter the weekend. Altcoins as usual have all taken a similar beating and all in the top 25 are in the red. We have to look outside the 25 largest coins to find one that has made gains and today that coin is Verge.
According to Coinmarketcap XVG is up almost 8% during this morning’s Asian trading session while nearly every other altcoin in the top 25 has lost ground. The spike came around six hours ago when Verge jumped from $0.031 to $0.041 before pulling back to $0.037 where it currently trades. Over the week XVG is up by around 7.5% however the monthly picture is not so pretty as this altcoin has lost over 43%. In terms of BTC Verge is trading almost 16% higher today at 445 satoshis from 380 the same time yesterday. The longer term trend is a long slow decline though from its peak of almost 1900 satoshis ($0.25) in early January.
Verge has been one of those classic pump and dump altcoins, boosted by shills and hype then dropped like the proverbial hot rock when the FUD storm followed. This latest pump has come from a Tweet a few hours ago about “an opportunity for Verge to have the largest partnership in crypto to date!”;
The community is attempting to crowd fund 75 million XVG by Monday when they will release more details on this mysterious partnership. This has to be huge to bring Verge back to its former glory.
XVG is traded largely on Binance with 65% of the total $55 million daily volume. Bittrex and Upbit are the next two exchanges sharing that volume, currently Verge has a market capacity of $546 million which ranks it outside the top 25 at 27th. There are 16.5 billion XVG in supply with 14.7 billion in circulation.
There are no other altcoins in the top 50 showing green gains this morning. The entire crypto market has shed 8.5% in 24 hours and continues to fall. Current market cap stands at $322 billion, and we are left wondering if it will head back to that monthly low of $275 billion on March 18.
More on Verge can be found here: http://vergecurrency.com/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.