Every now and then, some weird things tend to happen in the world of cryptocurrency. Although most people have never heard of Nexus before, its price recent shot up by as much as 300$. Although the gain over the past 24 hours is “just” 63.36% right now, The Nexus price is still close to the $4 mark. It seems maintaining that price will be impossible, though.
Nexus Price Shoots Past the Stars
While it is not uncommon for lesser-known altcoins to surge and decrease in value in spectacular fashion, few people expected to see the Nexus price make such major moves today. More specifically, the Nexus price has been close to $1.6 for quite some time now. Although it has seen a major spike to nearly $15 in late 2017 and early 2018, that momentum quickly subsided.
More specifically, going from $15 to $1.6 in a matter of weeks is a near 85% retrace. While it is true other cryptocurrencies have seen major losses as well, most of them never even came close to losing 85% or more. In the case of the Nexus price, it seemed the pump-and-dump scheme pushing the value to $15 simply ran out of steam and common sense return to the market.
This makes the current Nexus price trend all the more suspicious. Going from $1.6 all the way to $4.9 in a matter of two days is not normal. In fact, it seems to emulate the earlier pump-and-dump scheme associated with this altcoin. As such, the momentum is already turning against NXS as we speak, with the price declining rapidly in the past two to three hours. Rest assured the Nexus price will dip even lower and may eventually return to $1.6.
What is rather remarkable is how this relatively unknown altcoin succeeds in generating over $218m worth of 24-hour trading volume. Some of the top 15 altcoins can’t even get that much trading volume right now, and their reputations have been solidified many times over. Whether or not this is a good or a bad thing for Nexus, remains to be determined. With this current pump-and-dump scheme running out of steam, it’s only to be expected the price will suffer from a quick demise as well.
No one is surprised to learn nearly 60% of all NXS trades come from the Upbit exchange as of right now. Any altcoin trading in South Korea will immediately generate a ton of trading volume, even though it has no impact on the rest of the worker whatsoever. Bittrex is in second place, as their trading volume is simply following the Upbit action first and foremost. No other exchange shows even $1m in trading volume for Nexus right now, and it is evident none exchange them will either.
To the untrained eye, it may appear as if the current Nexus price trend is a sign of what is yet to come for this currency. Everyone else knows this is a temporary pump-and-dump cycle, which will leave a lot of people frustrated when they have to hold the bag for an extended period of time. For now, anyone who is in profit may want to cash out profits before the market does a complete 180-degree turn and the Nexus price collapses again.