Verge (XVG) was one of the biggest gainers in the last 24 hours of trading as it gained 14% on the US dollar. The cryptocurrency which is geared towards privacy and anonymous payments was able to ride on the back of the movement of Bitcoin.
Bitcoin recent spike over $6,300 mark has finally brought about a ripple effect to the market as several coins have turned green which is in contrast to yesterday when a majority traded in the red zone.
Verge (XVG) Price analysis
Verge (XVG) recorded a trading volume of $3.5million which saw the coin gain an increase of double figures inadvertently increasing its price. At the time of writing, XVG is priced $0.0707 against the USD and 0.00000112 BTC.
This increase in value is a welcome respite for the coin that has endured a topsy-turvy run in 2019. XVG recorded a bit of bullish run in April, in which XVG traded for a year high $0.10 and its market cap hit $142 million mark.
However, the coin has experienced a downward spiral in price of around 30% in the past 14 days which has affected its ranking as it dropped six places to 57 on the list based on market cap.
Verge Planning more updates on its Blockchain
Despite this recent troubles Verge is regarded as one of the well-rounded projects in the crypto space utilizing an efficient and faster transaction protocol to Bitcoin.
Verge (XVG) has taken an alternative process to this as the coin has preferred the more technical approach rather than actively pursuing partnerships. The blockchain platform has continued to bolster its network with more updates expected in the coming weeks.
Verge (XVG) are close to completing the rebasing of its codebase to the latest standard utilize by Bitcoin which would lead to more credence for the coin. There are also plans by the coin to release a stable and fully functional XVG Electron wallet.
Verge (XVG) Price Prediction
If Verge (XVG) is able to hold out longer in the green for a few days and breakthrough its next resistant point of $0.0075 this would likely drive its value through to $0.008 by the end of June.
XVG could theoretically push through the $0.10 by the end of the year if the coin is able to generate a massive spike in value in the coming months.