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FOMO Moments
For the second day now crypto markets have retracted slightly and selling pressure is still dominant. Total market capitalization remains over $400 billion for now which is still a good sign for the longer term recovery. However the board is red this morning and all cryptos aside from one or two have fallen. Bitcoin has lost 4% on the day and is back to $9,000 while altcoins are all down with EOS taking the biggest hit of 16%. One coin still making gains this morning and returning to the top 25 is Verge.
Verge is another one of those altcoins that social media crypto groups love to hate. According to Coinmarketcap XVG is up 4.8% on the day when all others, with the exception of the equally hated Tron, have declined. Verge is currently trading at $0.072 from $0.068 this time yesterday, not a big difference but the fact that it is up when all others are down says something. Over the week XVG has made around 7.4% from $0.067 this time last week and on the month it is up almost 85% from $0.038 this time at the beginning of April. Against Bitcoin XVG is trading 9.5% higher on the day at just over 800 satoshis from 730 sats this time yesterday. Over the week it has made similar grounds against BTC climbing from 725 sats this time last Tuesday.
The Verge spike came a few hours ago when volume jumped five times. Earlier news that TokenPay would be launching XVG debit cards officially approved by their German bank has strengthened momentum. The only recent announcement on the Verge Twitter feed was the first Verge meetup in Amsterdam on June 9. Verge gained over 300% during crowd sale and big hype leading up to the Pornhub partnership but has since fallen back somewhat. Charts are very spiky with this altcoin.
Trade has been dominated by Binance with 65% of the total volume. That volume has jumped from $65 million to $238 million in the past 24 hours and the price action has carried XVG back into the top 25. Its market cap currently stands at just over a billion dollars.
Total crypto market capitalization has fallen for the second day in a row by 6.6% to $409 billion. It is now at a lower level than the same time last week but the monthly view is still trending higher. All other altcoins have fallen over the past day except Tron which is up 3.2% during this morning’s Asian trading session.
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 possible fundamentals.
