There has been a lot of attention regarding the massive price increase of the Verge coin. Jumping from around $.01 to $.16 USD in just a couple of days has been jaw dropping for many investors who had an early stake in the altcoin. The 800% + return is hard to ignore, catching the attention of many news organization as it hits an all time high today of almost $.30.
On Thursday December 21 there was a massive correction across the majority of cryptocurrencies, with prices falling up to 40% and more. Most notably Bitcoin took a hard dive from over $19,000 down to $12,000, but this did not last long as by the following day prices were already trending upwards again.
When I first heard about Verge it was Thursday and the price along with the rest of altcoins had pulled back from $.16 to $.08, which caught my eye as a good time to invest. After doing some research into the potential of Verge, I stumbled across John McAfee's interview on CNBC where he was making some very "Bullish" and confident predictions which resulted in even more publicity for the coin. This was then followed with an Instagram post that he made saying that he is predicting that Verge will hit $15.00 in 2018.
This was enough to convince me to put some money into the altcoin while it was still just below $.10 following the correction. Now personally I did not know if the price was still pulling back or if it was about to blow up, but I was confident that sometime in the near future the amount of publicity this was receiving was going to have a dramatic effect on this coin. I pulled together a bit of capital with the intention of purchasing between 5000 to 10,000 Verge coins while keeping the total investment under $1,000. Not knowing which direction the coin was going to go over the next 24 hours I decided to play it safe and purchase half on Thursday evening and purchase the other half the following morning. Unfortunately I was not expecting what happened next, as by the time I woke up the price had jumped to $.12 and climbing higher. Not wanting to risk missing out I purchased 4200 and counted on the inevitable correction to purchase the remainder once the price had fallen back around $.10 to .$115, which would keep my investment to within my investment limit.
As the day continued on I am becoming more and more concerned that the price will not correct back to my target range as the coin hit $.22 and then nearly $.30. At this price my investment would have to be nearly double in order to meet my required volume. I am very interested to see what happens with this privacy based coin over the next few days especially with a spokesperson like John McAfee backing the coin and promoting it. Personally I would recommend that traders keep an eye on the movement and the news forums as I feel the headlines is playing a big role in pumping this coin up. I just hope that I will get a chance to buy more Verge at a reasonable price before it's too late.
Thanks for reading, if you want to read more about this altcoin check out my previous article on: Verge vs Monero, Which Will Win the Darknet Contract
Until next time!!
Sincerely,
Grayson
I’m interested in seeing what 2018 has in store for Verge i can see .50$ -$1 but over $10 would be incredible.
It seems like things are exploding
Thankfully over the last couple of hours it has pulled back a little bit, now I am just waiting for the price to drop below $0.2 then I will buy.
Have been accumulating this coin since August. Very Merry Christmas! :D I'm still bullish even if a correction is probably, given its recent performance, not sure a 50% correction will come, at least not soon. Who knows!
I am so jealous, my target was to have between 5000 to 10,000 verge but due to the price increase I ended up having to buy 2000 coins at $.25 a piece. Now I am out of capital to spend and only sitting on 6000 :-P
did you get back in? i'm still holding btw.
There are so many privacy oriented coins now that I have no idea which to believe in and which to not believe in. Verge has been around for a while now, so I believe it has acquired a broad enough community to be sustainable. Regarding your previous article on Vergecoin vs Monero, I believe Monero will remain the dominant privacy coin (maybe besides ZCash, I know nothing about ZCash). I do, however, believe that the fact that VergeCoin is not yet as popular (not listed on many exchanges) makes it even more suitable for private transactions and leaves more room for growth in the future, so it might be the better investment.
Yes, that is why I am more excited about Verge than the other privacy coins. It is a lot more likely for Verge to go from $.25 to $.50 than Monero going from $400 to $800. I find cheaper Altcoins to be much more exciting due to the growth potential but besides that Verge has so much publicity at the moment and I think, that will have the biggest impact over anything else.
In response to your first statement, I agree Monero will probably stay on top for a while but none of those coins come close to matching the transaction confirmation times of ~5 seconds that verge has.
Thanks for ready I really appreciate the support and feedback!!
This has increased by 107% over the last 24 hours!