JP Buntinx | The Merkle
Even though NEM was the targeted currency during the Coincheck hack, it seems the price isn’t budging all that much. Yesterday, it seemed the NEM price would see a massive drop, but the market has recovered quite nicely. As of right now, the NEM price is above $1 once again thanks to a strong 18.82% increase over the past 24 hours. It is a positive turn of events for this particular altcoin, Whether or not this momentum will continue, is a different matter altogether.
NEM Price Makes a Strong Comeback
Cryptocurrencies have always been prone to volatility and manipulation. Especially if a big exchange gets hacked, we often see prices plummet without recourse. In the case of the NEM price, the value certainly dropped quite a bit yesterday. With Coincheck facing a major heck, it became evident there was some concern over what the future would hold for the NEM price. If the stolen cons were dumped on the market, the price would have been a lot lower by now.
More specifically, we now have a NEM price above $1 again. A more than welcome change from the massive decline we saw yesterday, although it remains to be seen whether or not this is only a temporary uptrend. After all, the cryptocurrencymarkets still remain extremely volatile for the time being. It is not unlikely we will see a fierce battle for control at the $1 level in the coming hours. So far, things are lookingpretty solid for the NEM price, but nothing lasts forever.
This 18.82% gain in USD value is accompanied by a 14.98% increase in the NEM/BTC ratio. As we had expected yesterday, the market dip created a new buying opportunity for the people interested in the NEM price. So far those willing to take the plunge yesterday have been able to get a decent profit. Even though the Coincheck hack isn’t positive news, it has certainly brought a lot of attention to NEM as a currency.
Thanks to $212.25m in 24-hour trading volume, the NEM price has been able to recover most of this loses fairly quickly. Even though this trading volume is far from impressive, it is more than sufficient to keep the current uptrend going. Today’s NEM price peak at $1.11 couldn’t be maintained for long, but there is no reason to despair at this time either. There is some room left for future profits, although it remains to be seen when they will materialize exactly.
Contrary to what most peopleexpect, Coincheck isn’t exactly the big exchange for NEM, according to Coinmarketcap. Instead, Upbit, Zaif, and Bittrex are the top three platforms ranked by trading volume. Upbit is clearly in the lead, but they are irrelevant to non-Koreans right now. Zaif brings in a nice amount of JPY-based trading volume, which is good to see. Bittrex sees some good volume as well, although they only trade NEM against Bitcoin and Ethereum.
It is unclear what the future will hold for the NEM price. Although the current momentum looks solid, there is no reason to think there can’t be another retrace before the weekend is over. Anything and everything is possible in the cryptocurrencyworldright now, and we may see the NEM price dip below $1 very soon. At the same time, the momentum may continue and push the value to $1.1 once again. An interestingmarket to keep an eye on, that much is evident.