As was expected, the rebrand from Raiblocks to Nano has finally taken place. While some people may not be too happy with the new name, it sounds a lot more professional. As a result, we’ve seen the Nano price surge in value. Thanks to a solid 8.84% gain in the past 24 hours, the Nano price now sits at just over US$18. It is possible this value will drop, though, as Bitcoin is crashing hard.
Nano Price is on the Move Again
Rebranding from Raiblocks to Nano was an interesting decision, albeit one that has drawn a mixed response from the community. That’s not surprising, as people had gotten used to the Raiblocks name. While Nano sounds a lot more professional, it also doesn’t explain too much about the project. It’s a name which can easily be overlooked by people who are not active in the world of blockchain or cryptocurrency. Nano is a term widely used to describe various types of products, and it’s possible this new name will not work out all that well for the coin formerly known as Raiblocks.
So far, though, it seems the name change is working in Nano’s favor. While all other cryptocurrency markets are losing value once again, the Nano price is actually going up. Thanks to a solid 8.84% rise in dollar value and a 14.51% gain on BTC over the past 24 hours, things are looking pretty solid for XRB right now. It is good to see that the Nano rebrand hasn’t affected the XRB ticker symbol across the exchanges, although that may still occur in the future.
Nano’s sudden surge has taken a lot of people by surprise, for obvious reasons. It is the only currency to be noting any substantial gains as of right now. With the Bitcoin price taking a massive beating, it is only normal that the dollar values of all other cryptocurrencies will be affected. In the case of the Nano price, the opposite is happening, although it seems unlikely this trend will continue for much longer. All markets will follow Bitcoin’s lead eventually, and Nano will be no exception.
With US$55.15 million in 24-hour trading volume, it is impossible to speak of any massive demand for Nano right now. It is possible the rebrand has thrown a few people off their game, but that situation should sort itself out sooner rather than later. The current volume is still respectable enough to warrant the current Nano price increase, but without more volume, the price could easily dip to US$16 or lower before the day is over.
Surprisingly, KuCoin is the leading trading platform for Nano as of right now. This is somewhat unusual, even though KuCoin is one of the last non-KYC exchanges still standing. BitGrail is in second place, but this has a lot to do with the company’s recent decision to force certain users to close their accounts. Affected users will need to convert all of their assets to Bitcoin, including Nano. KuCoin is among the top three markets again with its ETH pair. No new money is entering the Nano ecosystem as of right now, which is a bit of a problem.
It is unclear what comes next for the Nano price. Although the current momentum is significant, its trading volume suggests weakness. Moreover, the ongoing Bitcoin price onslaught will eventually affect the Nano price as well, unless the altcoin can continue to gain on BTC in the coming hours. It’s an interesting market to keep an eye on, but no one should expect any major miracles to occur.