Verge (XVG) Pumps (and Dumps) on Bithumb Listing

Justine Pope

Even though the cryptocurrency markets are still in a bearish trend, some altcoins have been seeing upwards price movement. As bitcoin’s USD price has stabilized over the past week, some analysts are suggesting that altcoins could start seeing some much-needed price action. One example is Verge (XVG).

Originally called DogeCoinDark, XVG was recently awarded listing on Bithumb. Bithumb is the third largest exchange by volume, racking up 415,000 BTC (or approximately $1.6 billion) in 24-hour trading volume. This listing is the only market for XVG/KRW, meaning that users of the South Korean exchange Bithumb will be able to buy XVG with their KRW for the first time. Verge is already listed on Bitfinex, Binance, and Bittrex, but this Bithumb listing gives even more people access to XVG.

Bithumb tweeted about the Verge listing at 6:05 PM on November 28, 2018:

Data from CryptoCompare shows that this listing has given Verge a turbulent week.  Before the announcement, XVG’s price was consolidating around $0.006. The price started climbing up, and once the listing was live, jumped all the way up to $0.010, for a gain of 67%. The hype quickly died off, and after a small double top, the price tumbled down to $0.0073, for a drawdown of 27%.

hour_CryptoCompare_Index_XVG_USD_337_11543583205413.pngFrom: CryptoCompare

Like most cryptocurrencies, 2018 has not been fun for Verge. Before the 2017 bull run, XVG’s price was consistently around $0.007, until its privacy features started gaining attention in cryptocurrency circles. Then, infamous cryptocurrency promoter John McAfee started tweeting about XVG, and Verge began its rapid ascent in price.

XVG saw an enormous surge all the way up to $0.24, but since the bear market started, it’s crashed all the way back down to its 2017 levels around $0.007. Despite this, Verge has kept its footing and remains the 46th largest cryptocurrency by market cap, with a valuation of $112.5 million.

day_CryptoCompare_Index_XVG_USD_366_11543583698403.pngFrom: CryptoCompare

Travala’s Token AVA Jumps Following Announcement of Partnership with Expedia

Michael LaVere
  • Binance-backed cryptocurrency travel booking platform Travala has announced a partnership with Expedia Group.
  • Travala's native token AVA appreciated more than 20 percent following the announcement.

The Binance-backed travel booking website Travala has announced a new partnership with the online travel agency Expedia Group. 

According to a press release published July 6, Travala and Expedia have joined forces to offer consumers a frictionless cryptocurrency travel-booking experience. The release claims more than 700,000 Expedia Group hotels and accommodations have been made available via Travala.com, in addition to the platform’s existing 2 million hotels across 230 countries. 

Juan Otero, CEO and co-founder of Travala, said the new partnership reflected the rise in popularity for cryptocurrency. He also explained that consumer travel was on the rise following months of COVID-19 imposed shutdown. 

He said:

Our latest month-on-month data shows consumer confidence and the desire for travel is returning, with an 81% increase in room nights booked and website traffic up 50% week-on-week.

Binance CEO Changpeng Zhao said Travala had proven its ability “to build a world-class travel booking platform” and was excited by the partnership with Expedia. 

AVA, the native token for Travala, underwent a subsequent price increase following the announcement. As of writing, the coin has appreciated more than 20%. 

Altcoins Move up as Bitcoin Stalls

The AVA token is not the only in the cryptocurrency space growing exponentially so far this year. While the price of bitcoin has been range-bound moving between $9,000 and $10,000 since the beginning of May, various altcoins have been moving up.

Over the last 6 months, the price of BTC is up little over 13% according to CryptoCompare data, while other altcoins have been moving up. Most of these are related to the decentralized finance space, or to blockchains launching new products or announcing specific partnerships.

VeChan's VET, for example, surged after it was announced VeChain was attending the World Artificial Intelligence Conference 2020, hosted by the Shanghai Municipal People's Government. The conference will also be attended by Microsoft, Alibaba, Tencent, Huawei, and Amazon. One VET is changing hands for $0.0148, up from $0.,0055 in January.

As CryptoGlobe reported, Kyber Network's KNC tokens have risen over 650% year-to-date thanks to the upcoming Katalyst update, which will allow token holders to earn ETH rewards while participating in governance by staking their tokens. 

Another altcoin that moved up significantly is OKEx's OKB cryptocurrency. The token, which gives various advantages to the bitcoin exchange's users, is up 74% over the last six months, going from $2.78 to $5 at press time.

day_CryptoCompare_Index_OKB_USDT_231_11594045158429.pngSource: CryptoCompare

OKEx's OKB isn't tied to decentralized finance protocols, which Waves CEO Sasha Ivanov warned could be turning into the  next ICO bubble, but is instead tied to one of the leading crypto exchanges in the world. 

Decentralized finance protocol Aave has also seen the price of its LEND token surge so far this year. While in January the tokens were trading at $0.017, they are now $0.175 -- a 750% increase.

Featured Image Credit: Photo via Pixabay.com