As we have almost grown accustomed to these days, the cryptocurrency markets are still in a state of flux right now. All major currencies have lost value over the past 24 hours, although the NEM price continues to note some positive momentum. More specifically, the NEM price is up by another 8.7% over the past 24 hours.
No one will deny any cryptocurrency rising in value right now is well worth keeping an eye on. Even though the NEM price has seen its fair share of negative momentum this year, it also seems to bounce back rather regularly. As of right now, we are looking at a NEM price of $0.485, which is a nice increased compared to the $0.32 a few days ago. Reaching the all-time high of nearly $2 will be quite a challenge, though, but things may finally be heading in the right direction as of right now.
With these 8.7% gains over the past 24 hours, things are looking pretty interesting for NEM. Although few people expected the NEM price to go up in value over the past few days, it has become evident there is a growing demand for this particular currency. Ever since the currency become subject to a major hack a few months ago, things have improved dramatically for the currency.
It is also worth noting the NEM price rise is the direct result of another NEM/BTC increase in favor of the altcoin. More specifically, NEM has gained 11.2% over Bitcoin in this regard, which is a more than welcome change. Whether or not any of these gains can be sustained for a longer period of time, is a different matter altogether. As of right now, the momentum remains firmly locked in place, but things are always subject to change in the world of cryptocurrency.
With $186.83, in 24-hour trading volume, things are still improving for NEM as we speak. Just yesterday, this volume was close to $50m lower, which further confirms the global demand for NEM is still on the rise as of right now. It does seem to be a matter of time until the NEM price momentum reverses and people start to cash out profits accordingly. When that happens, the buyers will have a tough time sustaining this momentum in the coming hours and days.
As one would come to expect, very little has changed in terms of exchanges ranked by NEM trading volume. Upbit, Zaif, and Bittrex are still in the top three, although the gap between Upbit and Zaif is widening a bit. Bittrex is $30m below Zaif in volume, seemingly confirming the influx of fresh capital in this altcoin market right now. At the same time, it seems NEM is mainly popular in South Korea and Japan, whereas the rest of the world isn’t too bothered by this altcoin, for the time being.
It is a bit unclear what the future will hold for the NEM price. The momentum is still pretty firm, and it seems the gains in the NEM/BTC department may continue to push the price higher throughout the rest of the day. At the same time, people will start taking profits eventually, and when that happens, the NEM price may even drop to $0.4 rather quickly. An interesting market to keep an eye on.