Verge (XVG) adds another 50% to its price following an impressive 500% rally

Key Takeaways:

The price of Verge (XVG) is on a massive rally
In the past week alone, the XVG price is up by 500%
In the past 24 hours, Verge price surged to take its market cap near $130 million

The price of Verge (XVG), an altcoin launched in 2014, has rallied over 50% in the past 24 hours. Pic Credit: Canva

YEREVAN (CoinChapter.com) — Verge (XVG), a relatively old yet not much-spoken-about altcoin, is making surprising gains as the cryptocurrency market awakens from its long slumber. According to the price-tracking website CoinMarketCap, the token has added another 50% to its gains in the past 24 hours, taking the price to a daily high of $0.009657.

The privacy-focused cryptocurrency experienced a remarkable surge of over 500% between June 26 and July 3. The “dinosaur coin”, as many refer to it owing to its long history in the industry, surged from $0.001601 to $0.009654 during that period.

The price of Verge (XVG) has rallied since the last week of June 2023. Credit: CoinMarketCap

At the time of writing, the Verge (XVG) price had settled down to $0.007688. While the rally is impressive, it remains 97% below its all-time high of $0.3006 on 24th December 2017.

Also Read: Will Litecoin (LTC) Price Hit $200 As Halving Approaches?

Verge reaches a market cap of $127 million

Initially introduced in 2014, Verge gained popularity during the Bitcoin-driven bull run of 2017. Its distinctive appeal lies in providing a swift, efficient, and privacy-centric blockchain for transactions.

XVG’s impressive 24-hour trading volume of $238 million has helped it take its market capitalization to a whopping $127 million.

The jump can also be credited to the latest decision by the largest cryptocurrency exchange Binance.

Last month, Binance announced that it would delist several privacy coins in Europe, including Verge. Other tokens mentioned in the list included Monero (XMR), Decred (DCR), Dash (DASH), and Horizen (ZEN), among others.

However, it later reversed its decision, allowing XVG to continue remaining on the exchange.

“After carefully considering feedback from our community and several projects, we have revised how we classify privacy coins on our platform to comply with EU-wide regulatory requirements,”
CoinTelegraph quoted Binance saying in a statement.

The official Twitter handle of Verge also shared the news with the community. In its post, the company informed traders that XVG will remain unaffected by Binance’s trading restrictions in Europe.

Despite a previous decision to delist Verge (XVG) from its platform in Europe, Binance later decided to reconsider, allowing its trade.

The XVG price surge has made it one of the best-performing altcoins in the crypto market. According to the cryptocurrency investment research platform Token Metrics, investor sentiments for Verge is pretty high.

However, it is crucial to consider the overall market sentiment and the price action of Bitcoin (BTC), as these factors hold substantial influence over the performance of altcoins, including Verge.