Verge (XVG) has catapulted into the top 30 cryptocurrencies at #29 with a new market cap of $1.1B USD.
December 2017 has been an unprecedented month for cryptocurrencies. After cracking $10K, Bitcoin is nearing $20K after the launch of bitcoin futures trading on Cboe and CME. In the aftermath, altcoins like Litecoin, Ripple, TRON, Cardano, Stellar, Bitcoin Cash, and Qtum have experienced massive growth to hit record highs.
Another coin that has been ‘mooning’ this past week is Verge (XVG).
What is Verge?
Verge Currency is a blockchain-based cryptocurrency known for its emphasis on being secure and anonymous—built with a focus on privacy and everyday use. It uses multiple anonymity-centric networks (ie. Tor, I2P), which obfuscates IP addresses to make transactions untraceable.
According to the official website, Verge’s mission is to:
…empower people around the world by bringing blockchain transactions into everyday life. Verge currency makes it possible to engage in direct transactions quickly, efficiently and privately. With Verge currency, businesses and individuals have flexible options for sending and receiving payments. With the flip of a switch, we offer helpful integrations and tools that enable them to handle large scale transactions between merchants and small scale private payments.
As we’ve seen with Bitcoin and Ethereum the past month, wherein transactions speeds have lagged considerably under new strains, Verge uses ‘Simple Payment Verification’ (SPV) technology to keep confirmation times to around 5 seconds on average.
Verge foregrounds a policy of ultra-transparency and openness. Unlike many blockchain-based cryptocurrencies/projects, Verge is not a private company funded by pre-mined coins. It is an open-source platform, and the development team maintains an open-contact policy with the thousands of members of the Verge community to field, support, and implement new ideas about the Verge network.
At 2:14pm PST, Dec. 12, XVG sold for $0.009336 USD, according to CoinMarketCap. At 12:34pm PST Dec. 19, that number was $0.074720—an increase of 800 percent. At the time of this writing, the price is $0.073867.
Why is XVG Surging?
The Bitcoin surge of the past month has impacted cryptocurrencies across the board. New investors are flooding the market, particularly through popular cryptocurrency brokerage Coinbase, which is adding around 100,000 new users per day, recently surpassing YouTube as the #1 app on the Apple App Store.