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