Is this the start of a new narrative? Or rather a temporary rise that will soon be retraced down? With a jump of several hundred percentage points, the Verge (XVG) cryptocurrency enters the top 200 market capitalizations. The rise of this token coincides with the recent events around anonymous cryptocurrencies on the Binance platform. Could this have had an impact?
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Verge (XVG) climbs back into the Top 200
What was the surprise for holders of the XVG token when its price took off from several hundred percent in just a few days.
Founded in 2014 in an open source way, Verge’s goal is to democratize transactions respecting the personal data of individuals by relying on anonymous networks.
Pure coincidence or real correlation, Binance was speaking out about Enhanced Anonymity (CAE) cryptocurrency trading only a day before the XVG token’s bull run. As a reminder, after declaring the end of CAEs on its platform, the world’s number 1 exchange reversed its decision for 7 of the 12 cryptocurrencies concerned, including that of the Verge project.
Located at $0.0016 on June 26, 2026, its price rapidly climbed to new yearly highs until reaching $0.0094 today, an increase of 587% in the space of 10 days, a rare performance in this bear market.
Course of the Verge (XVG) from June 26 to July 05, 2023
Are other anonymous cryptocurrencies involved in the Binance U-turn experiencing similar increases? According to their courses, none of them record such a performance. Moreover, some do not see any increase exceeding a few percentages since the announcement of the exchange, as evidenced by the PIVX and SCRT tokens.
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A rise to put into perspective
Thanks to its significant growth, the XVG cryptocurrency has partially erased the fall in its price caused by the downtrend of the market. The last time it reached such a high was in April 2022.
However, vigilance is essential for investors: as with each token experiencing a meteoric rise, the XVG has a good chance of experiencing a downward retracement. Similarly, since its highest price reached in December 2017, its course has never set new records :
Price of the Verge (XVG) between May 2016 and July 2023
With an ATH located at $0.261, the cryptocurrency is far from having caught up to its highest price. Evidenced by the chart above, where the rapid rise of the past few days seems miniscule compared to its previous rises.
Since its high, XVG has fallen 96%, i.e. a price divided by 20. Over the same period, Bitcoin (BTC) recorded more than 50% profit. In addition, note that the price at which this cryptocurrency stabilized before its rise ($0.0016) was very low compared to its price during the previous down cycle.
In the universe of cryptocurrencies, attention should be paid to volatility, especially with this category of token where data relating to technical analysis show a progressive disinterest around the project over the long term.
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Sources: TradingView, CoinGecko
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Always enthusiastic about new technologies, I gradually moved closer to Web3-related activities during the year 2021. Over time, I wanted to add my stone to the building. It was then that I became an editor, with the aim of explaining cryptocurrency-related topics to as many people as possible.
Timothy Bourbotte
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