Even though some people may still doubt it to be the case, the cryptocurrency markets are not out of the woods just yet. Even though we have seen multiple steep corrections this year already, there’s no reason to think things will only get better from here on out. If the NEM price is any indication, though, things will get rather interesting in the days to come.
The year 2018 has not been all that great for the NEM price so far. After writing the all-time high of $1.7 late last year, the beginning of 2018 has been filled with decline after decline. More specifically, the NEM price has dropped all the way to $0.34 in the past few weeks, and it remains to be seen if this will effectively become the new support level. Volatility still reigns supreme in the world of cryptocurrency, that much is rather evident.
The past 24 hours, on the other hand, have been rather positive for the NEM price as a whole. Thanks to a solid 15.9% gain over the past 24 hours, we’re now looking at a NEM price of $0.447 once again. It is not the first time this value was reached in the past few weeks, but so far, there has been no price stability at this price level to speak of. Whether or not this time will be different, remains to be determined.
Another trend worth keeping an eye on is how the NEM price has increased thanks to the solid gains in the NEM/BTC department. With a solid increase of 21.58% in this regard,d NEM is one of the only cryptocurrencies effectively gaining on Bitcoin. That doesn’t mean NEM will keep going up against Bitcoin indefinitely, though, but it is a rather interesting trend to keep an eye on. Most people invest in altcoins to increase their BTC holdings first and foremost.
With just $123.64m worth of 24-hour trading volume, things are not looking all that promising for NEM as of right now. While this volume is still pretty solid compared to a lot of other altcoins, it is evident this current NEM price increase is quickly turning into a pump-and-dump cycle. Once the profit taking will begin, the NEM price won’t be able to sustain the current momentum all that long.
As of right now, Upbit is the leading exchange when looking at NEM trading volume. They are followed closely by Zaif, whereas Bittrex completes the top three. Having two fiat currency pairs in the top three is a pretty interesting trend to keep an eye on, but the first “Western fiat currency pair” is Exrates’ USD pair with $111,933 in volume. Not the most impressive by any means, but so far, this doesn’t seem to hinder the NEM price rise whatsoever.
It remains to be seen what the future will hold for the NEM price exactly. Right now, it seems evident the NEM price increase will run out of steam sooner or later. Even so, the actual dip might not be all that steep, depending on how the Bitcoin price evolves in the next few hours and days. NEM is still a worthwhile currency to invest time when looking at things from a long-term perspective, rather than short-term profits.