04/16 – 04/22
- Total market cap. reached $386.11 bn (a 19.2% increase), where 7 day transaction volume surged 25.3% for top 100 crypto
- Verge’s price slumped following Pornhub announcement
- Ethereum’s proposed consensus improvement model: Hybrid Casper FFG, is ready for community review
- Global Blockchain Conference 2018 in Kuala Lumpur
- Decoding Blockchain KSA Conference in Saudi Arabia
THOUGHTS OF THE WEEK
This week has been a roller coaster for Verge. Pornhub accepted Verge as a means of payment on 17 Apr, however, the price slumped following the announcement.
We believe that the price movement of Verge is consistent with the crypto world theory of “sell the news”. Since the end of March, market participants have been expecting a huge strategic partnership to be announced by Verge, and surging demand for Verge led to a 3x price increase before the official announcement ($0.094 on Apr 16). When Verge revealed the partnership with Pornhub, market participants began to sell on this news after buying on the rumor, causing the price (24h) of Verge to plunge by 29% with spiking 5.6x transaction volume (24h).
Despite Verge’s tumbling price, we observe that trading volume of Monero soared 1.29x following the announcement. It can be inferred that market participants, triggered by the Pornhub partnership, have come to realize the actual use case for, and unmet potential of, privacy tokens.
© 2018 Standard Kepler