Categories: CryptoNews

NEM Price Continues to Tank as Market Sentiment Sours

It seems things will not be all that positive for most cryptocurrency markets as of right now. All of the major markets are still down by quite a margin, even though some of them suffer even bigger losses than the rest. One of the biggest “dippers” in the top 15 is none other than NEM. This altcoin seemingly continues to struggle ever since the Coincheck hack and theft.

NEM Price Woes are not Over Just yet

It has not been a great start of 2018 for the NEM price so far. In fact, it has been quite problematic for this particular altcoin, and it seems things will not necessarily improve in the near future either. Ever since the new year began, the NEM price has lost over 75% of its value in quick succession. While that is not necessarily surprising given the overall market sentiment, one has to acknowledge things could have gone differently as well.

As of right now, the NEM price is stuck at $0.43 and future losses are on the horizon as of right now. With all cryptocurrency markets losing at least 7.5% in value over the past 24 hours, it is only normal the NEM price follows this downward trend. Unfortunately, that also means this attacking suffers from a major 13.13% setback in the past 24 hours, and that situation will not improve anytime soon either.

NEM isn’t losing value just because the Bitcoin price is tanking right now either. More specifically, the NEM price also lost 6.01% in value due to the NEM/BTC ratio decreasing. If altcoins do not succeed in getting up their value over Bitcoin when the world’s leading cryptocurrency is losing value, it is only normal things will take a turn for the worse in quick succession. For now, it seems the NEM price will break through any support at $0.40 in quick succession, although things can always turn out differently.

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With $31.38m in 24-hour trading volume\ for NEM, it has become evident this altcoin is not in high demand as of right now. This volume is a lot lower compared to what most people might expect, but since NEM is mainly big in Japan, the recent Zaif incident may have spooked the markets a bit once again. Add to that the recent Coincheck hack, and it is evident things are looking rather shaky right now.

Speaking of the NEM trading volume, Upbit is the largest exchange as of right now with $8.09m in volume. Zaif is second on the list with $7.31m, followed by Bittrex’s $3.766m. None of these numbers is exactly impressive, yet there are still two fiat currency pairs in the top three as of right now. As long as fresh money keeps pouring in at whatever rate possible, things may look good for NEM in the long run. This current setback is to be expected, after all, but there is still more blood to be shed.

For the time being, it seems obvious all cryptocurrency markets will continue to face big setbacks in the hours to come. Until everything recovers, the NEM price will continue to take a beating as well. It is highly likely this altcoin will drop below a  value of $0.4 in the coming hours, yet anything is possible in the world of cryptocurrency. With the weekend almost upon, it is possible we will see some major dips across all markets for the next three to four days.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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