Vertcoin (VTC) has gone vertical, literally. Its chart looks like my favorite hockey stick profile for that really ambitious business plan my banker doesn’t seem to be returning my calls about.
Based on its traded price on Coined Up, VTC has gained a whopping 800% in the past 36 hours, trading at 9.6 mBTC ($7.68).
Based on data from coinmarketcap.com, Vertcoin has gone quite vertical in the crypto market cap standings as well, shooting up to 13th spot- a stone’s throw away from Primecoin. Its market cap has increased to $10.5M. It has surpassed other (relatively) big names like Feathercoin, which was recently added in trading with fiat on Vault of Satoshi, and Mooncoin, another alt gaining in popularity.
It is currently trading at 12 mBTC ($9.60) on Cryptsy, which would bring its total gains to an astronomical 1100% and a market cap of $14.3M, technically placing it ahead of Megacoin and Primecoin for 10th spot.
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So why the rise? And will it continue?
According to a discussion between cryptcoinnews and one of Vertcoin’s active members, the multi-fold rise corresponds to the multi-fold increase in hashing power on the Vertcoin network. In addition, there was a hardforking of the chain, whereby older client versions can’t accept blocks created by the updated clients. Finally, the initial pop itself grabbed much attention and more buyers piled in while it’s hot.
Very recently, Vertcoin was added to Cryptsy, which may have further fuelled its continued rise. Prior, it traded on Coined Up.
Many other altcoins experienced huge pops within weeks of launch, although many coincided with the crypto-craze in late November. Many have fallen sharply off their peaks, although the fittest have gradually climbed back to recoup much of their gains and even challenge previous highs.
Expect a major correction for Vertcoin starting over the next day or two and heading into the weekend.