VGX, the native asset of bankrupt cryptocurrency lending platform Voyager Digital, noticed a major surge in buying and selling exercise during the last 24 hours.
Learn Voyager [VGX] Value Prediction 2023-2024
The sudden rally in value and buying and selling quantity got here after reports citing an individual conversant in the matter revealed that Binance U.S has relaunched its bid to amass the property of Voyager Digital.
In an earlier bid in September, the now-collapsed cryptocurrency change FTX gained the public sale for the crypto-lender’s property. Nonetheless, following FTX’s premature demise, Voyager, on 11 November, announced the reopening of the bidding course of for its property.
In its announcement, Voyager confirmed that it was but to switch any property to FTX earlier than the latter’s collapse. It, nevertheless, talked about that FTX U.S paid a sum of $5 million as a “good religion” deposit as a part of the public sale course of. The identical is now held in escrow.
VGX emerges winner
As this information replace broke out, VGX instantly noticed a rally in its value. In keeping with CoinMarketCap, the altcoin rallied by 55% during the last 24 hours. At press time, it was exchanging arms at an index value of $0.4468.
Moreover, buying and selling quantity surged astronomically throughout the identical interval. With over $110 million price of VGX traded within the final 24 hours, the asset’s buying and selling quantity was up by nearly 2500%.
In keeping with Santiment, this determine represented the very best day by day quantity traded during the last two months.
Supply: Santiment
Due to Binance U.S’s rumoured bid, VGX logged vital accumulation too. Piggybacking on the information, VGX’s Relative Power Index (RSI) crossed its impartial degree to be positioned at 60.59 at press time. Additionally, on an uptrend and resting within the overbought zone, the crypto-asset’s Cash Circulate Index (MFI) was positioned at 87.69.
Whereas nonetheless under the middle line, the dynamic line of the Chaikin Cash Circulate (CMF) was pegged at -0.18. Nonetheless, noticed on an uptrend, sustained shopping for momentum can push it throughout the middle line. This might underline a level of optimistic development in VGX’s accumulation.
Supply: TradingView
A lot ado about nothing
In keeping with CryptoQuant, as VGX’s value rallied through the intraday buying and selling session on 17 November, traders which have lengthy held the crypto took to promoting to make a revenue.
Because of this, VGX’s change reserves noticed a sudden spike as its value climbed. This was an indication that many holders tried to promote.
Supply: CryptoQuant
Nonetheless, because of the uncertainty that has lengthy plagued Voyager Digital, most holders who offered through the newest value rally realized losses. The truth is, Santiment revealed that VGX’s MVRV ratio on a one-moving day common was -125%.
The worth rally flipped traders’ sentiment from damaging to optimistic. Ought to the value proceed to develop, holders may see revenue so long as lengthy as macro components stay favorable.
Supply: Santiment
