Verge cryptocurrency was launched in the market to resolve concerned privacy issues. Most of the cryptocurrencies that are present in the market have open blockchains that allow viewing user’s balances and transactions. Whilst, the cryptocurrency worked to overcome this shortcoming, Verge became the popular digital currency that was introduced into the market with the privacy attribute. The prime focus of this cryptocurrency aims at making transactions untraceable and anonymous. This was achieved with various technologies used by Verge – Tor and I2P and Waith protocol. Tor anonymizes the IP address and hides the user’s identity. I2P is advanced than Tor; it uses two separate tunnels – one outgoing and one incoming. The Waith protocol lets users choose between public and private transactions. Public transactions offer speed and transparency while private transactions will be hidden and not be seen by anyone on the network.
As per analysis from CoinMarketCap, Verge (XVG) is ranked 55th largest cryptocurrency and it’s market cap value is $94,245,679 USD for the 24h Volume of $1,255,610 USD on March 12. This is based on the total circulating supply of 15,172,086,051 XVG coins. The current market value is relatively higher compared to its corresponding value on February 11 of $90,406,776. There has been a 4.25% increase from the past. The volatility of the cryptocurrency shows oscillating values; there have been consequential increase and decrease in the MCap values. The 20-day EMA displays a downtrend on comparison with the present-day values. The difference between the values has degraded by 3.45%. This set back in values puts the digital currency on a bearish pressure.
Focusing on the XVG/USD pair, the current value of this pair is USD 0.006212 at 12:24 UTC. The analysis on the pair shows that the MCap value and the USD have been running parallel to each other from the beginning of January 2019. This cryptocurrency reached its milestone between March 02 and March 04, as XVG rallied from a low of USD 0.005965 to a high of USD 0.007029 which is 17.84%, a spectacular return within 02 days. Stats show that the MCap/USD pair has taken the lead, followed by BTC. The current value of BTC as on March 12 is 0.00000161 (12:24 UTC). Stats display the lows and highs of BTC’s price value – the low on February 25 with the value of 0.00000154 and a high on March 04 with 0.00000183. The current value is an intermediate between its high and low with a percentage difference of 12.02% and 4.55% respectively. However, the price of BTC has been on a tide with sharp rises and falls and has been downtrend after its all-time high. The peak price of BTC was of 0.00000222 on January 11 which is spiked by 27.48% compared to the present day value. The MCap and the USD were also at its high on March 04 at 05:34 UTC with their corresponding values of USD 106,648,530 and $0.007029 respectively.
The 14-day moving average shows the values going uphill from $92,416,376 on February 26 to the current value with a 1.98 percent increase. Both the averages move in either direction, and their percentages are completely insignificant. Hence the bears rule the cryptocurrency’s market. Investors with long term investment plans will have to observe the trend until it gains stability. But traders should take advantage of this fluctuating market to earn a significant profit from their transactions. Investment from traders will increase the value of the cryptocurrency in the future.