Even though NEM was the targeted currency during the Coincheck hack, it seems the price isn’t budging. Yesterday, it appeared the NEM price would see a massive drop, but the market has recovered quite nicely. As of right now, the NEM price is back above US$1 thanks to a 18.82% increase over the past 24 hours. It is a positive turn of events for this particular altcoin, but whether or not the momentum will continue is a different matter altogether.
NEM Price Mounts a Comeback
Cryptocurrencies have always been prone to volatility and manipulation. When a big exchange gets hacked, we often see prices plummet in short order. In the case of NEM, the value certainly dropped by quite a bit yesterday. With Coincheck experiencing a major hack, there was some concern over what the future held for the NEM price. If the stolen coins had been dumped on the market, the price would have been a lot lower by now.
As it happens, we now have a NEM price above US$1 again. It’s 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 cryptocurrency markets still remain extremely volatile and it is not unlikely we will see a fierce battle for control at the US$1 level in the coming hours. So far, things are looking pretty solid for the NEM price, but nothing lasts forever.
The 18.82% increase in the NEM price was accompanied by a 14.98% increase in value against Bitcoin. As we had expected yesterday, the market dip created a new buying opportunity for people interested in the NEM price. So far, those willing to take the plunge yesterday have been able to secure 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 US$212.25 million in 24-hour trading volume, NEM has been able to recover most of these losses fairly quickly. Even though this volume is far from impressive, it is more than sufficient to keep the current uptrend going. Today’s high mark of US$1.11 couldn’t be maintained for long, but there is no reason to despair at this time. There is still opportunity for future profits, although it remains to be seen when they will materialize exactly.
Contrary to what most people think, Coincheck isn’t a particularly significant exchange as far as NEM is concerned, according to CoinMarketCap. Instead, Upbit, Zaif, and Bittrex are the top three platforms ranked by their 24-hour trading volume. Upbit is clearly in the lead, but it is irrelevant to non-South Koreans right now. Zaif brings in a nice amount of JPY-based trading volume, which is good to see. Bittrex is seeing some good volume as well, although it only trades NEM against Bitcoin and Ethereum.
It is unclear what the future holds for the NEM price. Although the current momentum looks solid, there is no reason to think there can’t be another retracement before the weekend is over. Anything and everything is possible in the cryptocurrency world, and we may see the NEM price dip below US$1 very soon. At the same time, the momentum may continue and push the value to US$1.10 once again. It is an interesting market to keep an eye on; that much is evident.