Even though all cryptocurrency markets are on wobbly legs right now, some altcoins make positive ways at the same time. The NEM price, for example, is going up pretty nicely, thanks to a solid 9.13% gain over the past 24 hours. It is evident the currency still has a long road of recovery ahead as we speak, but things are looking up.
NEM Price Momentum is Rather Surprising
Although no one will be surprised to learn the cryptocurrency markets have taken yet another overnight hit for no good reason, there are a few positive trends to take note of as well. More specifically, the NEM price is moving up quite nicely, even though it remains to be seen how long this trend can be maintained. As of right now, we are looking at a 9.13% NEM price increase, which effectively catapults the altcoin’s value to just over $0.35.
To put this current trend into perspective, the NEM price gain is a direct result of an increase in the NEM/BTC ratio. More specifically, this ratio increased by 14.73% over the past 24 hours, which is only to be expected as the Bitcoin price has hit another major roadblock. For now, all of the uncertainty surrounding the Bitcoin price will certainly send further shockwaves throughout the industry, although it is a matter of time until things improve again.
Even though the NEM price is far from its all-time high as of right now, this current uptrend is not looking all that bad. With the NEM price dropping from $0.42 to $0.28 earlier this week, the current uptrend is all the more impressive when looking at the bigger picture. It also shows how NEM is a very volatile market, which puts it on par with virtually all other cryptocurrencies as of right now.
This current NEM price trend materializes despite just $51.3 million in 24-hour trading volume. It is unclear why the demand for NEM is so low as of right now, even though the overall cryptocurrency trading volume seems to be on the rise again as of right now. Whether or not the NEM trading volume will increase in the near future, remains to be determined. Anything is possible at this point in the world of cryptocurrency, but for now, NEM seems to be in far less demand than one would expect.
As of right now, Zaif is the largest exchange based on NEM trading volume. Their lead over Upbit and Bittrex is not all that big, though, but very few of the exchanges are generating a lot of volume as of right now. It is good to see tow fiat currency pairs in the top three, although it remains to be seen how that will impact the overall volume in the coming hours and days.
The way things look right now, things are not looking all that great for the NEM price. While the current uptrend is certainly in place, it is evident this momentum will not last all that long. With all other markets still struggling for traction right now, it is only normal we will see a lot more volatility affecting NEM and other cryptocurrencies in the future. What that means for the NEM price over the next few hours, remains to be determined.
