Verge (XVG) grew 53% in value during Wednesday’s market recovery, boosted by an eleven-fold increase to the coin’s trade volume.
The sudden pump by XVG came in the run up to a listing on the Bithumb exchange, which was announced Thursday, with deposits open since this morning.
Verge is a privacy-focused coin that has been around since 2014, and uses Tor and I2P to obfuscate a user’s IP address, and process untraceable transactions. XVG can be mined using multiple algorithms, and is positioned in the top forty coins by market cap.
Verge on Bithumb
As per the announcement by Bithumb this morning:
“We are pleased to announce that WeShow Token (WET) and Verge (XVG) will be listed on Bithumb.”
The other token to gain a listing, WeShow Token (WET) underwent a similar surge in the run up to being added to the exchange, but after a +30% rise in the last twenty-four hours, the value of WET just plunged 40% only moments ago at time of writing.
The Verge Twitter team retweeted this comment from a Verge enthusiast which celebrated the coin listing:
“Nice! @BithumbOfficial are listing #verge! Keep in mind that Bithumb are listed in second place on @CoinMarketCap. Definitely a worthy exchange, especially for the South East Asia region.”
From yesterday’s low of $0.006715, the value of XVG climbed 53% up to $0.010308, with the growth continuing into Thursday morning and the peak arriving at 10:00 UTC.
That surge was floated by an eleven-fold increase to Verge trade volume, which rose from $3 million to $34.8 million over twenty-four hours. Over 90% of that action came from the XVG/BTC pair, with the majority coming from Binance.
That’s the most XVG to change hands since early September, almost three months ago. Earlier in the week XVG volumes were closer to $900,000, marking a 3,766% increase in around five days.
XVG’s growth takes the coin back to early November prices, and it has now recovered to within just 25% of the pre-November dip level.
What Goes Up…
The value of WeShow Token has already dumped following the Bithumb pump, however Verge continues to climb even after news of the Bithumb listing began to circulate. Now suspicion will be falling on XVG as day-traders anticipate the surge running out of fuel.
The global market cap continues to hover above the $140 billion range, up 25% from the weekly low of $114 billion. Overall trade volumes are on the rise once more, hitting $20 billion following a dip to $10 billion earlier this week.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
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