December has been an extraordinary month for crypto currencies so far. This time it is Verge (XVG) that has catapulted into the top 20 crypto currencies with its market cap nearing $2 billion.
The blockchain-based crypto currency rose by 121.65 percent in last 24 hours alone. According to the coinmarketcap.com, it is currently trading at $0.134927.
Earlier, altcoins such as Bitcoin Cash, Litecoin, Ripple, Cardano, Stellar, QTM and TRON have experienced similar significant gains to hit record highs.
Industry experts have credited the surge in the price of Verge to new investors flooding the market. Investors are beginning to find or recognize the loopholes in Bitcoin investment and trading. As a result, the movement to other alt coins has been seen.
With Bitcoin and Ethereum having considerable transactions speed lags, the other coins like Verge have benefitted. Verge uses multiple anonymity-centric networks and focuses on being secure with anonymity. Verge's mission, stated on the official website, is to empower people around the world by bringing blockchain transactions into everyday life. It makes it possible to engage in direct transactions quickly, efficiently and privately. 'Simple Payment Verification (SPV)’ technology of the crypto currency enables transactions in 5 seconds on average.
Funded by pre-mined coins, Verge is not a privately held company. Unlike other cryptos, it is an open-source platform, with an open-contact policy wherein thousands of members of the Verge community chip in for the support, and implement new ideas about the Verge network. The altcoin emphasizes ease and usability, besides offering a host of secure wallets to amplify security for its users.
The largest crypto currency by market cap, Bitcoin is nearing $20,000 after the launch of Bitcoin futures trading on Cboe and CME. Bitcoin contributes over 47 percent to the $630 billion crypto market. Bitcoin is currently trading at $17,645 as per the information on the coinmarketcap.com website.