Created back in 2014, Verge (XVG) is one of the oldest cryptocurrencies around. You would think that a digital currency created back before Ethereum (July 2015) would have a solid market cap and be a good contender for a position in the top 10.
But currently sitting in 35th place according to coinmarketcap.com, and with the current price at less than a penny, it’s only just started getting some attention in the digital asset community.
When it comes to cryptocurrency, solving real world problems is what it all boils down to. Verge has a lot of competition considering the solution it’s proposing is to keep users completely anonymous, much like Monero, ZCash and Ethereum’s proposed Metropolis updates later this month.
With a circulating supply of 13.4 Billion XVG, a max supply of 16.555 Billion, and a current market cap of £68 Million ($90 Million), there is certainly scope for growth in the price if demand for the asset increases.
At the moment, there are very little ways XVG can be used, meaning demand for it is mostly from speculative investors looking for profit.
If the price was to hit just £0.76 ($1), the market cap would be over £9.8 Billion ($13 Billion), putting it in 3rd place in terms of overall market cap.
This seems highly unlikely given the fact there’s such little demand, and such a large amount of competition.
The price is up 100% from £0.0025 to £0.005 since this time last month (9th Aug – 9th Sept) after being fairly stagnated before that point.
Time will tell how the future unfolds for XVG!
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