It’s a bloodbath in the cryptocurrency market at the moment. Bitcoin (BTC) is down again below the $10,000 mark currently trading at 9,148 according to XBT.net
While most cryptocurrency enthusiasts are in panic mode, the expert traders couldn’t be any happier. The reason is simple; the best time to buy is when the market is bearish.
Any crypto investor will tell you that prices will soon take on a bull rally and one particular coin that has the biggest promise of making a surprise comeback is Verge (XVG)
What is Verge
Well, Verge is a cryptocurrency that boasts of being the most privacy and anonymity focused cryptocurrency in the market. Basically, it aims at giving individuals a flexible option of sending and receiving payments. The specialty, of course, being its privacy and anonymity feature built on TOR and i2p technology.
Currently, Verge (XVG) commands about $982 million of the estimated half a trillion dollars market capitalization of the entire crypto industry. Its current price of about $0.06 is a drop from its Christmas day hit that saw it go as high as $0.23 a coin.
What made Verge rise over the holidays?
Verge posted an interesting rally over the holidays that saw its market capitalization hit an all-time high of over $3 billion. XVG’s price jump is suspected to have been triggered by a tweet from John McAfee where he identified Verge as one of the cryptocurrencies bound to win the privacy race.
Around the same time, verge appreciated in price by over 800 percent in a matter of weeks making it a symbol of the rapid gains that have become synonymous with most cryptocurrencies.
Impressive as it was, this didn’t last long and most of the price appreciation has been shading together with the overall dip of Bitcoin and other coins.
Will it ever rise again?
Well, considering it recent price rally, it is only a matter of time before XVG gains its previous high with the new developments happening currently. If the statement by John MacAffe is anything to go by, Verge could be the leader of the privacy coin race in 2018.
Basically, South Korea controls a huge chunk of the crypto market and the alleged move to ban cryptocurrencies by its government saw a significant price dip in BTC by over 11 percent.
In response, the rest of the coins have been dropping along with BTC over the past few weeks. However, there is good news, South Korea just confirmed that there are no plans for banning cryptocurrencies and although this is yet to catch on; it might just result in the re-emergence of the South Korean market and therefore another bullish rally in the market.
Verge (XVG) is making huge moves at the moment. It has just been added to another exchange called Godex and is one of the coins that are a top contender to get listed on CobinHood’s crypto trading platform Cobinhood.
If the South Korean market gets back to the crypto space there is no doubt that the huge numbers the of crypto enthusiasts previously affected by the government’s move to freeze crypto accounts will be out seeking for reliable anonymous coins and Verge is surely set to be at the top of that list. We just have to wait and see.