Even though the positive cryptocurrency momentum is still in place as of right now, we’re seeing some worrying signs on the horizon as well. While the Bitcoin price has declined again slightly, the NEM price has fallen by over 5.3% out of the blue. It is evident the year 2018 will not be easy for some altcoins. The NEM price not only fell against the dollar, but it also dropped by 2.7% against Bitcoin, which is also slightly down in value. It’s not a positive sign, but there’s no reason for despair just yet.
NEM has an off day
The past two to three days have been somewhat positive for most cryptocurrencies in existence. After a terrible weekend and start to the week, most markets have reclaimed a lot of lost value. We are still months, if not years, away from seeing new all-time highs across the board. The NEM price is a good indicator of how the markets are evolving right now and why the going will remain tough for some time to come. More specifically, NEM is one of the few altcoins to have lost value relative to both USD and BTC in the past 24 hours.
With the current NEM price dropping below US$0.55 again, things are not looking all that impressive. Even though the NEM price reached US$0.60 following the massive dip to US$0.40 a few days ago, things are now starting to head in the right direction. It is only normal that people start to take profits after a while, as we saw a 50% increase in most markets during the first three days of this week. With such a small retracement, the order books will see some interesting momentum in the hours and days to come.
Now that we are seeing a minor NEM price correction, there is a new buy opportunity for cryptocurrency holders looking to diversify. Considering that the NEM price hit an all-time high of US$1.60 not that long ago, there is still a lot of work to be done before such a value can ever be reached again. At the same time, cryptocurrency markets are utterly unpredictable and there is no reason to think things will not turn around in the future. We may see a NEM price of US$1 again before too much time has passed.
With US$41.1 million in 24-hour trading volume, not much has changed for NEM in the past few hours. That doesn’t mean there isn’t any real demand for NEM as of right now, yet this particular market is experiencing a bit of a drought. We’ve seen a similar decline in trading volume for a lot of other altcoins in the top 15, though. This may hint at future market dips for Bitcoin and other cryptocurrencies in the coming days.
Zaif, the Japanese exchange, is the leading trading platform for NEM as of right now. Its 24-hour volume of US$9.9 million is not exactly impressive, but it’s not terrible either. We also see Upbit and Huobi in the top three as of right now, which is pretty interesting. With two fiat currency markets in the top three, some fresh capital is entering the cryptocurrency markets courtesy of NEM. Whether or not this trend will continue is anybody’s guess.
It is unclear what the weekend will bring for the NEM price, though. With so much volatility looming on the horizon, things can easily swing in either direction for NEM and virtually any other cryptocurrency. The way things look right now, it seems logical to assume the NEM price will continue to decline a bit, but that doesn’t necessarily mean things will stay that way. Rest assured the NEM price will see some intriguing market action over the weekend, as will pretty much all other cryptocurrencies.