Verge (XVG) Price Analysis : Overview on the Undeviating Progress of Verge’s Market
The Verge cryptocurrency was introduced to resolve concerned privacy issues. Most of the cryptocurrencies had open public blockchains. The verge cryptocurrency’s focal point aims at making transactions untraceable and anonymous. Verge uses various technologies like- Enter Tor and I2P and Waith Protocol to ensure users anonymity. Tor is an IP address anonymization scheme that helps in hiding the user’s identity and I2P, known as the next generation solution for anonymization, which uses two separate tunnels – one outgoing and one incoming. Waith protocol lets the users choose between public and private transactions.
Verge (XVG) is the 56th largest cryptocurrency according to the analysis by CoinMarketCap, which currently trades at USD 108,399,509 for the corresponding 24h volume of $1,812,273 which is relatively higher than the MCap value of $95,812,059 on February 19 by 13.14%. The crypto coin’s Mcap value has been stable and linear with no substantial downfall. XVG faced a downtrend for a short period between January 14 and February 06. However, there were no major variations in values, the lowest being USD 83,738,641 on Feb 06, which is lower than the current value by 29.45%. The loss was recouped with a stable increase in the MCap value after that. The cryptocurrency reached its all-time high on March 15 with a value of USD 118,226,226. The current value is lesser than its relative highest by 9.07%, which is negotiable considering the overall uptrend in the market. The 14-day moving average proves the uptrend in the market with the values rising from USD 95,430,591 on March 05 to the current value by 13.59%. This exerts a bullish pressure on XVG’s market.
Deucing the price movements of USD and BTC from the CoinMarketCap reports, their current prices are $0.006865 and 0.00000170 respectively. The MCap/USD pair is leading the market with the trend running parallel to each other with BTC following the trend and merging with MCap value briefly. Hence, similar to MCap, the price of USD were low on February 06 and high on March 15 with the values of $0.005519 and $0.007492 respectively. The current value is an intermediate between the high and low and with a percentage difference of 24.39% and 9.13%. Nonetheless, the cryptocurrency reached its milestone between February 18 and 24, when the values rose from $0.005913 to $0.006821 with 15.36% spike in a span of 06 days. Evaluating the price of BTC, the values are range bound between 0.00000150 and 0.00000183. It reached its low of 0.00000150 on February 22 and reached its high on March 04 with the value of 0.00000183, with the average difference of 22%. The current value is a median with the value of 0.00000170, which is greater than the lowest by 13.33% and slightly lower than its highest by 7.65%.
The 20-day EMA also exhibits an uptrend in the MCap values with the numbers rising from USD 91,572,899 to the present day value with a growth percentage of 18.38%. With both the moving averages in support of the growing market trend, the balance points in favor of the buyers. Hence, they invest time for both long term investors and short term traders. The cryptocurrency is in its prime for the investments to receive high profits. The traders’ contribution will increase the value of the cryptocurrency tremendously.