Cardano (ADA), Verge (XVG) More Than Double in Past 24 Hours; Bitcoin Eyes $20k
Continuing on with the recent influx of money for altcoins, Cardano (ADA) and Verge (XVG) have experienced meteoric rises in their market price over the past 24 hours, with both more than doubling.
During Sunday trading, ADA rose by as much as 150% over the course of 24 hours. XVG, not to be outdone, more than tripled in value at one stage, before retracing slightly.
ADA, at the current price of $0.57 (USD), has soared by over 2500% since its recent launch on the 1st of October, following more than two years of planning and developing. Cardano, being the open-source protocol seeking to address the many flaws that have plagued extant blockchain technologies such as Bitcoin and Ethereum, has seen its Ada token become the sixth largest cryptocurrency based on market cap.
Interestingly, Cardano is an amalgamation of the efforts of three institutions: the Cardano Foundation, Input Output HK (IOHK), and Emurgo. It is a unique blockchain technology in the sense that it is borne out of a scientific philosophy, having been collaboratively built from the ground-up using a first principles approach driven by peer reviewed academic research. The platform is the first to use the programming language Haskell.
Verge Currency, launched in 2014 under the name of DogeCoinDark, is a cryptocurrency that builds upon the Bitcoin blockchain, placing emphasis on privacy. The absence of any price-sensitive announcement from Verge suggests that, like most altcoins, the recent explosion in price is driven by speculation.
Any media exposure tends to ignite frenzied buying for a coin like XVG, given its small market cap. This seems to have occurred in this instance, with the controversial founder of McAfee Associates, John McAfee, backing in privacy coins such as Verge via a tweet. He also featured on the The Larry and Joe Show on Sunday, broadcasted on YouTube (at 18:02), where he elaborated on his belief that privacy coins, like Verge (and others such as DigiByte, ZenCash, Monero, and Safex), will stay the course as other cryptocurrencies dwindle in the years to come.
These massive rises in value come as Bitcoin (BTC) flirts with breaking through the $20,000 (USD) price point for the first time. As the most renowned of all the virtual currencies, it has surged roughly 20-fold over the past nine months. Boasting a market capitalisation just shy of $330 billion (at the time of writing), it recently bypassed the total dollar value of global behemoths such as Bank of America, Wal-Mart, and Visa, leaving just 2% of S&P 500 companies with a higher worth.
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