All cryptocurrency markets continue to suffer from massive bearish pressure as of right now. Virtually all currencies in the top 25 are suffering from steep losses, with the exception of Nano. For some reason, the nano price is up by a whopping 19.31% during this troublesome time, effectively pushing its value well past $9.25 in the process.
Nano Price Surges out of the Blue
It is not uncommon for one or two cryptocurrencies to effectively buck the trend affecting all other markets. In most cases, we would see some currencies lose value when the price of Bitcoin or Ethereum is surging all of a sudden. In the case of the Nano price, its value is rising while every other major cryptocurrency is suffering from losses of 6.5% or higher. It is an intriguing reverse trend, to say the least, yet it’s not entirely surprising either as of right now.
With this solid gain in the books, the Nano price is slowly inching toward the $9.5 goal. It is the first time in a few days the Nano price has come even close to hitting this target, given the recent market dip which shook things up quite a bit. With the price falling from $9.6 all the way to $6.8 earlier this week, many people assumed the altcoin would continue to suffer more losses. That is not the case whatsoever.
It is also worth mentioning the Nano price gain is the direct result of solid gains over Bitcoin. More specifically, the NANO/BTC ratio has improved by 27.02% over the past 24 hours, which effectively negates any Bitcoin price losses altogether. While it is quite interesting to see the Nano price surge at such an accelerated pace, it is evident things will potentially reverse once the Bitcoin price starts moving up once again.
With just $107.43m in 24-hour trading volume, Nano hasn’t exactly impressed anyone. At the same time, this low trading volume is seemingly sufficient to keep the Nano price rising for quite some time to come. It remains to be seen if this will result in more Nano price gains in the future, though, as surpassing $9.6 seems to be a bit of a struggle. Things may effectively improve in the future, though, but we will have to wait and see how things evolve in this regard.
At the time of writing, Binance is still the go-to exchange to buy and sell nano as of right now. With its BTC and ETH markets contributing over 88% of all trades, it is evident this exchange is the sole reason as to why the Nano price has gone up. RightBTC, a platform few people have ever heard about, is currently in third place with its XRB/BTC pair, although Kucoin is not too far behind. There are no fiat currency markets for Nano in the top five, yet we do so see two USDT pairs in the top eleven.
Looking toward the future, it remains to be seen what comes next for the Nano price as of right now. The current price gain is certainly impressive, yet it is also evident this trend will not continue unabated either. Once people start taking profits, the Nano price may start to reverse rather quickly. The gain over Bitcoin comes at a good time, though, as that currency is dragging the entire cryptocurrency market with it as we speak.