It has become evident most cryptocurrency markets will head in a very interesting decision moving forward. As of right now, the NEM price is making some big waves, even though this is primarily due to the new listing on an exchange. From a technical point of view, there are no real changes to warrant a NEM price increase.
NEM Price is Moving up Again
Even though the year 2018 has not been overly kind to NEM in many different ways, things are still looking pretty positive as of right now. Even though the NEM price hit $0.5 a few days ago the value quickly dipped to $0.24 again over the weekend. Right now, we are looking at a nice 13.28% increase to push the NEM price to $0.323 once again.
It seems most of this surge is fueled by a recent listing of NEM on the Binance exchange. Although Binance is the largest altcoin exchange in the world right now, it is evident them adding NEM should never cause any major price spikes. Technical currencies like this one should appreciate in value whenever the developers make some big changes. Right now, that is not happening for NEM, even though one could argue the NEM price has been suppressed due to the recent negative market pressure.
With this recent 13.28% increase in NEM price, things are looking pretty good for this altcoin. It is also interesting to note how NEM has appreciated by 10.78% over Bitcoin, which is also rising in value. Once again we see altcoins thrive only when Bitcoin is moving up. It seems this correlation will not be broken for quite some time to come, although it remains to be seen how high the NEM price can go moving forward.
With $306.39m in 24-hour trading volume, the demand for NEM is not slowing down by any means. It is not the highest trading volume this currency has ever seen, yet it goes to show the overall liquidity in cryptocurrency is slowly returning. There is still a very long way to go before things get “good”, though, but every small victory should be welcomed with open arms.
As of right now, Upbit, Bittrex, and Zaif are the three big exchanges for NEM. Coinmarketcap has not added Binance to this list yet, hence it is difficult to gauge how popular the particular market is right now. Without the demand from South Korea, NEM’s trading volume would be half of what it is right now. It is evident that particular market is trying to make things happen for all cryptocurrencies as of right now.
Whether or not we will see more NEM price gains in the near future, remains to be seen. The cryptocurrency markets are still subject to serious volatility, and positive trends have not lasted all that long throughout 2018. It is certainly possible we will see a NEM price of $0.35 later today, but once people start taking profits, the drop to $0.3 or perhaps lower can occur pretty quickly.