The rise of veteran crypto coins led by Litecoin (LTC), Verge (XVG), and Bitcoin Cash (BCH) has undoubtedly suppressed the meme-coin frenzy and also reduced the Bitcoin uptrend rate. In fact, some crypto commentators have coined a term for this phenomenon as the dino coin renaissance, meaning the re-emergence of veteran crypto coins. While there are some fundamental aspects to the recent pump on some altcoins, some are just fueled by basic crypto speculations.
Closer Look at Verge (XVG) Market Outlook
The Verge (XVG) is largely marketed as a privacy-centric crypto coin that is already compliant with ISO20022 standards. The veteran crypto asset was conceptualized back in 2014 and has over the years accumulated positive fundamentals despite the recent crypto bear market, which has seen XVG price drop more than 97 percent from its ATH. Nonetheless, the XVG price has risen more than 259,162 percent since its ATL over eight years ago.
The XVG bullish momentum gained more traction as the daily traded volume surpassed the total market cap, meaning the demand was outpacing the supply. According to our latest crypto market data, the Verge (XVG) had a reported daily traded volume of about $497 million on Tuesday, up approximately 316 percent in the past 24 hours.
Interestingly, the Verge (XVG) market cap stood around $101 million during the early London market on Tuesday, depicting more upside movements in the coming weeks.
Since Bitcoin’s dominance hit a snag at around 52 percent, several altcoins led by Ethereum have recorded significant gains. From a technical standpoint, the total altcoin market cap looks well nourished to rally further in the coming days.
Credit: Source link
