Vertcoin (VTC) suddenly attracted attention again, as it doubled its price within hours, in what some see as a much-needed bull run, while others see as a temporary pump leading to losses.
VTC reached a peak around $2.13 and later retreating toward $1.80, which is still more than 77% net growth in the past day. VTC exploded from levels of $1.03, appreciating in two large hourly bursts around 1:00 UTC and 6:00 UTC. The crypto community, which is otherwise supportive of the Vertcoin project, sees the pump as unsustainable:
https://twitter.com/Bit_Banana/status/1022009302960300032
The price spike looks dramatic after the three-month-long price slide and sideways drift. VTC was a promising asset that rose as high as $8.89 in January, and before that, to 88,777 Satoshi at the end of 2017. Now, VTC is down around 75% from its peak in BTC prices, and still has to catch up its previous levels in dollar denomination.
!VTC!
VTC is one of the few minable coins that are dedicated to always updating their protocol to disable ASIC mining. The Vertcoin hashrate has remained relatively flat over the years, revealing that indeed no ASIC managed to mine the coin. This also means that one hour of 51% attack mining for VTC costs just around $1,200 on Nicehash.
As for the trading profile of Vertcoin, data from Cryptocompare reveals that more than 57% of all trading happens in Korea, against the Korean Won. The rest is against Bitcoin. Buying Vertcoins is also possible for fiat, on a very small scale. Upbit is one of the most active exchanges for the coin, along with Bittrex.
https://twitter.com/vertpig/status/1021068703679549442
However, Vertcoin may be one of the older projects that survives and thrives, especially given its relatively low price. In the past, the Vertcoin project has worked on atomic swaps with the Litecoin network, but speculative trading was what gave a bigger boost to prices. Opinions for Vertcoin vary between “a dead project”, and a promising coin that is asleep now, but has a strong community and may re-awaken and come back into fashion.
VTC is still quite far from a Binance listing, and the concentration of more than 80% of trading on Upbit makes the asset more vulnerable to concerted pumps.
Neither the author nor the publication takes any responsibility or liability for any investments, profits or losses you may incur as a result of this information. Cryptocurrency trading and investing is risky and market participants are advised to always conduct a thorough research.
This article appeared first on Cryptovest