With a weeks-long run up to an allegedly significant partnership, XVG defied the falling markets.
The Verge (XVG) project continued to rally in expectation of the announcement of a partnership on April 16. XVG grew by more than 17% overnight, recovering to $0.045. The asset continued to climb despite the general weakness in overall markets, which saw Bitcoin hover below $7,000.
The coin is up more than 12% in the past week, one of the rare weekly earners as other assets slid. But once again, the recovery is happening on very thin trading volumes, and nothing is certain at this point. What XVG has achieved was to climb to the 4-cents range, at least for now.
In the coming days, the Verge project may rely a lot on the partnership news, and confidence may return at least temporarily. But XVG has also positioned itself as a speculative asset, and buying into the current trend may be risky.
But beyond the planned efforts of the project, the fate of XVG, as well as other digital assets, depends on the general mood of acceptance in the wider community. In 2018, crypto coins may be set for a multiple-month period of low prices, with very thin volumes. And while short-term spikes may not be out of the question, the latest downturn showed that the market goes downward easily, and price spikes are the anomaly.
However, the hype around Verge continues on social media, and may invite new inflows of buyers in the coming days, or older buyers in expectations of a price rise. Yet some coins also fall after an announcement, so buying into Verge may also lead to new losses.
At this point, altcoins with a low price are seen as an appealing bet on a scenario in which their dominance increases and the value rises akin to Bitcoin, but also Ethereum, Monero, and other coins that spent years with a relatively low price.
However, other coins have remained underpriced for years. And now, Verge sees much speculation on its partnership, once again mentioning Amazon as a potential counterparty.
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