Bitcoin is not the only currency that is celebrating during these days. Vertcoin, one of the other cryptocurrencies in the market, arrived at its highest price since it started to be traded. On October the 31st, Vertcoin reached $5,70 dollars.
The reason behind the price uprising
At the beginning of the year Vertcoin price was $0.034822. It means, that the currency experienced an incredible uprising on its price since January. Until May, the currency remained stable. Since May, and until October, the currency fluctuated between $0,3 and $1,35 US Dollars. Since October the 14th, until now, the price grew an incredible 431%.
The main reason behind this price is that in some weeks, this cryptocurrency will reduce the block reward. The miners will start to earn 25 VTC instead of the actual 50 VTC. This situation will create an increase on the virtual currency price.
Some time ago, cross-chain atomic swaps started to occur. The introduction of the swaps between different cryptocurrencies allows direct trades between different blockchain. As reported by coindesk, Charlie Lee, Litecoin creator, announced in Twitter the swap between Litecoin (LTC) and Vertcoin (VTC).
What is Vertcoin?
The specificity of this virtual currency, is the possibility of being mined by everyone. It was not pre-mined or created through an ICO. “Vertcoin is not controlled by large banks or mining hardware manufacturers and can be mined by anyone profitably. Fairly distributed without a pre-mine, ICO or airdrop, Vertcoin is developed by community members working as volunteers and the project is wholly funded by donations,” reads Vertcoin’s official webpage.
Besides this, the network hashrate of Vertcoin increased from 1.5 to 2.5 TH/s in only one week. And this is not the best news Vertcoin received in the past days. Two weeks ago, Vertcoin was officially supported by Ledger.The community is another great factor which makes Vertcoin unique. People are actually trying to promote Vertcoin without the ”investment hype”. Right now, the Vertcoin community is doing whatever they can to get Vertcoin listed on Binance. They surely need a helping hand as they are fighting with PIVX.