The XVG market price may see another spike ahead of the halving, limiting the supply of coins in the coming four years.
The Verge (XVG) halving coming on May 9 may give a boost to prices – usually, crypto coins spike out of the feeling of scarcity created by the decreased mining reward. For the Verge project, the event is yet another opportunity to keep itself in the public eye.
After the news, the XVG digital asset remained stagnated, running down from a recent peak at $0.082 to $0.078, down a net 4% in the past 24 hours. XVG is still unraveling from a recent peak, and some downward movement on decreased trading volumes is natural.
Not even the news of the XVG addition to Abra helped boost the price, and for now, XVG seems stuck in the new range around $0.07.
Verge Mining Picks Up
The mining of the Verge network has become more active in the past month, as the price pushed off from the low positions around $0.03. Following a mining exploit, mining and difficulty picked up again, growing between 3 and 5 times in the past month. The increased mining interest is encouraging for the Verge network. The coin is mined with several algorithms, and at this point, it is hard to tell if any ASIC machines are involved. XVG remains a relatively unknown asset, despite the dramatic spikes in Twitter activity, social media and the growth of the community.
But right now, the XVG market price still has to reflect the growth of the community. There is also a rift between the Western-based supporters of the project, and the Asian speculative traders fueling the growth. But Verge trading is still minor, taking up about half a percent of global crypto deals, showing that a lot of noise on social media does not easily translate into active trading.
Read more at: Cryptovest