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Verge Stole the Limelight in a Lackluster Week for the Crypto Markets


The wider cryptocurrency markets have largely traded sideways in the first week of April, but a few notable exceptions did manage to buck the trend.

As of writing, the total market capitalization of cryptocurrencies is seen at $248 billion – only slightly down from the $251 billion seen on March 30.

Bitcoin was showing signs of bullishness in the first half of the week, rising as high as $7,500, according to CoinDesk’s Bitcoin Price Index. However, the relief rally was short-lived and prices fell back below the $7,000 mark on April 4. Currently, the cryptocurrency is trading around $6,620 – down 3.8 percent compared to last Friday’s close (as per UTC) of $6,890.

Other major names like litecoin, ethereum’s ether, Ripple’s XRP and bitcoin cash mimicked bitcoin’s disappointing price action.

However, small caps like verge’s XVG token, binance coin and OmiseGo’s OMG token put on a good show to rank high on the list of gainers among top 25 cryptocurrencies by market cap. Meanwhile, names like ICON, IOTA and bitcoin gold (BTG) took something of a beating.

Weekly top gainers

Verge

Weekly performance: +50 percent
All-time high: $0.30
Closing price on March 30: $0.035945
Current market price: $ 0.054068
Rank as per market capitalization: 22

Despite the 29 percent pullback from the weekly high of $0.076482, verge’s XVG token is reporting 50 percent gains on a weekly basis.

The token found bids last Friday, reportedly due to a successful crowdfunding campaign. The cryptocurrency then rose 66 percent on Tuesday on speculation the developers have entered into a partnership with a major retailer. However, the bull run ran out of steam on Wednesday after verge was hit by a hack.

Still, XVG looks set for a bullish move, as per the technical chart analysis. And with the developers set to reveal details of the rumored partnership on April 17, the token may remain well bid.

Binance coin

Weekly performance: +17.97 percent
All-time high: $22.48
Closing price on March 30: $10.35
Current market price: $12.21
Rank as per market capitalization: 16

Having defended the long-term ascending trendline (drawn from the Sept. 15 low and Nov. 30 low) last Friday, binance coin (BNB) turned higher over the weekend and jumped to $13.95 – the highest level since March 25.

The cryptocurrency had gained 28 percent in the first quarter, possibly due to hype around the launch of “Binance Chain” – its new decentralized exchange.

As of writing, BNB is changing hands at $12.27 on Binance. The rebound from the trendline support suggests the cryptocurrency will likely clear the immediate resistance $15.17 (March 24 high) in the next week or two.

OmiseGo

Weekly performance: +9.17 percent
All-time high: $28.35
Closing price on March 30: $8.28
Current market price: $9.04
Rank as per market capitalization: 20

OmiseGo (OMG) yesterday signed a memorandum of understanding (MoU) with Shinhan Card, Korea’s biggest credit card company – a move that could boost mass adoption in Asian markets. The news has received a thumbs up from the investor community and could be the reason behind OMG’s 9 percent rise in the week ended April 6.

The daily chart (as per Bitfinex) indicates the token has breached the descending trendline (sloping downwards from the Feb. 28 high and March 21 high) confirming a short-term bullish trend reversal. However, prices are still trading below the high of $9.80 seen on April 3.

Weekly top losers

ICON

Weekly performance: -17.98 percent
All-time high: $12.04
Closing price on March 30: $2.28
Current market price: $1.87
Rank as per market capitalization: 23

ICON’s ICX token tops the list of losers for the second week. The token fell to a five-day low of $1.82 on Binance, having clocked a high of $2.43 earlier this week. Investors seem to have taken heart from the fact that Chainsign, a blockchain-based contract platform developed by theloop (an ICON partner) and Cyberdigm, was used as a platform for the digital signing of an agreement with Seoul Fintech Lab.

That said, the cryptocurrency may make it to the list of losers next week, as the daily relative strength index and short-term moving average studies are aligned in favor of the bears.

IOTA

Weekly performance: -15.02 percent
All-time high: $5.69
Closing price on March 30: $1.11
Current market price: $0.943277
Rank as per market capitalization: 11

The IOTA-U.S. dollar exchange rate fell below $1.00 on April 1 for the first time since November, then slid further to $0.9150 today on Bitfinex – the lowest level since November 27.

While a few investors are cheering the news that Microsoft is set to invest $5 billion in the internet of things (an area for which IOTA is designed) over the next four years, the tech giant is not partnering with IOTA in any way.

The token could extend the drop further to $0.66 (Nov. 24 low) as prices seem to have found acceptance below support $0.94 (April 1 low).

Bitcoin gold

Weekly performance: -11.25 percent
All-time high: $484.78
Closing price on March 30: $44.55
Current market price: $39.54
Rank as per market capitalization: 24

There is not much love lost between bitcoin gold (BTG) and the crypto investor community. The cryptocurrency created via a hard fork of the bitcoin code in mid-November fell 83 percent in the first quarter and extended the decline by another 11 percent in the week ended April 6.

However, things might be looking up for BTG in the next couple of weeks, as the daily relative strength index shows oversold conditions.

Chalk arrows image via Shutterstock

The leader in blockchain news, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups.





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