Bitcoin

Here’s Why Verge (XVG) Is Our Top Crypto Crash Recovery Play

Published

7 years ago

January 31, 2018

While Warren Buffett may not be the biggest fan of the cryptocurrency space, we know that if he was, he’d be looking to buy as much as he could right now. Be greedy when others are fearful is one of the Oracle of Omaha’s core investment tenets and, as the majority of the top twenty coins are getting hammered in the markets this week, now certainly is a fearful period.

We’ve taken this suggestion a step further and set out to find not only the coin that is severely weakened through the overarching negative sentiment in the markets but that has the potential to bounce back the highest as and when things recover.

And here it is – our number one recovery play this week in the cryptocurrency markets:

Verge (XVG).

Verge is currently trading for $0.06 a piece. At this price, the coin commands a total market cap of a little over $982 million ad twenty-four-hour volume hit circa $38 million during the twenty-four hour to time of writing (mid-morning ET).

XVG Daily Chart

Unlike the vast majority of other coins, XVG actually peaked on Christmas day, December 25, logging highs of $0.23 a coin for a market cap of more than $3.3 billion. This came on the back of what eventually turned out to be some misinformation on Twitter (we’re looking at you, John McAfee) but, regardless of the driver, it played a key role in drawing speculative attention towards this coin and this helped it to push into the start of 2018 in something of a strong position.

Peaks subsequent to the Christmas day highs came in around $0.22 (on a couple of occasions) but after the now much longed for January 7 market peak, XVG has traded in line with the wider markets and declined to the above mentioned current pricing.

So, right now, the coin is available at a circa 74% discount to its previous highs (highs at which we’ve no doubt many initiated a position), meaning it’s not going to take much of a bump to serve up a nice recovery return on an entry at current pricing.

But as we said, we aren’t just looking for a coin that’s fallen considerably. We also want to see some sort of fundamental driver than can either catalyze an upside run or support an upside revaluation – or both.

And with Verge, it’s all about liquidity.

This coin is one of those that’s in the sphere of awareness of a huge number of crypto enthusiasts but that, at the same time, isn’t privy to the same degree of liquidity that many of its peers enjoy.

This is rooted in the lack of exchange coverage for XVG. We think that this is soon going to change and we’ve put together a number of events to keep an eye on as indicative of a validation of our expectations.

There’s an ongoing Cobinhood vote that’s got XVG as a top contender for a listing in the next round. The same is true of cryptocurrency exchange FatBTC. The coin is already available on Binance and it’s also being added to a number of online outlets as a payment option. It also just picked up a listing on CoinDirect.

Bottom line is this: Privacy coins are going to take the world by storm during 2018 – you can take that statement to the bank. And of those top contenders on the market right now, Verge is the only one that runs a protocol like Wraith and, for us, that puts it at the top of the pile.

Combine this long-term view with a few near-term catalysts and underline it with the fact that the coin is currently available at a 74% discount to highs and you’ve got a winner.

We will be updating our subscribers as soon as we know more. For the latest on XVG, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.

Image courtesy of Verge

Bitcoin

Bitcoin Price Dumps Below $41,000 Amid Uncertainty

Published

1 year ago

December 18, 2023

Crispus

Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.

Fundamentals

Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.

Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.

Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.

Last week on Thursday, cryptocurrency experts took notice of…

Bitcoin

Bitcoin Price is in Consolidation Mode Despite Market Optimism Post-Fed Decision

Published

1 year ago

December 14, 2023

Crispus

Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.

Economic Outlook

Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.

The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.

Additionally, the central bank indicated that three rate…

Bitcoin

Bitcoin Price Blasts $44K in Spectacular Surge as Spot Bitcoin ETF Approval Looms Large

Published

1 year ago

December 6, 2023

Crispus

Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.

Fundamentals

Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.

According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.

Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…