VERGE (XVG) today reached a market cap of $590 million as the maligned coin clocked a price improvement of 4.84% in the hour-to-hour chart. The day’s high price (at time of writing) is $0.409 while the low was hit at $0.037. At one point, XVG had a momentary market cap of $597 but that quickly dropped to $590 on the hour.
Its daily trading volume has also increased on the hour-to-hour change compared to yesterday. XVG traded yesterday at $0.0388 and had a market cap of $571 million with a 24h trading volume of $8,144,640. The percentage improvement sees its 24h trading volume also increase marginally to $9,211,160.
Verge is one among a host of privacy-focused coins and for it to curve a market share for itself; positivity around its platform is paramount.
In spite of the apparent positive price trend, XVG has still failed to master and maintain an uptrend that would see its price past the $0.040 resistance level. The cryptocurrency has maintained a general downtrend. Between 6th March and 12th March 12, 2018, the XVG price charts show a continuous drop that has been helped by the negativity surrounding the coin. Have a look at XVG’s 7-day price charts. Notice that there was a slight upsurge on 10th but that has so far been insignificant when we factor in overall performance for the week.
Will Verge shake the negativity and bounce back?
This seems to be the only question one can ask of Verge at the moment. It should not be taken as another attempt to spread FUD about the coin.
Verge has been in the news of late and all for the wrong reasons. This leaves the privacy-oriented coin fighting to redeem and maintain its position among the top coins. Already XVG has dropped down the ranking to 31st on coinmarketcap.com.
First it was the apparent failure of its much hyped Wraith Protocol that for all the reasons, simply has failed to provide privacy and anonymity to Verge users. This protocol “weakness” has dogged Verge and this week made Merkle feature Verge cryptocurrency among the top 5 failures of 2018. The main complaint about Verge relates to that privacy debacle with some people suggesting that it was doomed to fail from the beginning and appears to have been a scam.
Image courtesy of Medium
This is what Verge was to provide its users when Wraith launched. Many of these features are said to have failed to offer any sort of privacy and anonymity.
Such assertions may not be entirely true, but when people begin to question your flagship development idea, the effect on investor confidence can be very profound. But that’s not all. What about copying a “kids” code? While giving reasons why Verge could be considered a 2018 crypto-failure, Merkle cites that part of the code used by Verge was copied from OpalCoin, a 14-year-old Jack Whit’s pet project. This is a serious charge against an established cryptocurrency of Verge’s caliber.
Here are the things we know about Verge (XVG):
It is a question of what is it that Verge has that other privacy-oriented coins don’t have?
- Verge is the only crypto coin that has a TOR Android wallet. The TOR wallet isn’t functional on clearnet. The other thing is that the said android wallet comes as a hidden service.
- Only crypto to run I2P Electrum
- I2P Android Wallet
All these are features that make Verge (XVG) an appealing coin. If the Wraith protocol is fully incorporated into the Verge platform, perhaps then, the public will warm up to it. Unless that happens, Verge will continue to trail other coins in the category like DASH and Monero.