Most cryptocurrency markets still remain stuck in the dirt for the time being. More specifically, Bitcoin remains in the red and most altcoins will not see any major changes as long as this situation remains in place. Nano is one notable exception in this regard, as it is well underway to hit $2 once again.
Nano Price Momentum Becomes Interesting
It is always interesting to see how different cryptocurrency markets respond to new challenges. Although it is evident a lot of currencies heavily rely on Bitcoin first and foremost, Nano shows things can be done slightly differently. Its current momentum is rather promising first and foremost right now, although the low trading volume might effectively cause some issues along the way.
Over the past 24 hours, the Nano price has risen by over 3.5% to nearly $2. There is also a 4% gain over Bitcoin itself a swell, which is a lot more important to keep an eye on moving forward. Altcoins need to regain lost value against Bitcoin fairly quickly to note any real changes in the near future. Nano appears to be doing exactly that in somewhat spectacular fashion.
One of the main reason why traders show a sudden interest in Nano is because this altcoin will be making its way to the Huobi Global platform in the very near future. Although exchange listings do not necessarily warrant any real excitement in this day and age, it usually triggers some positive price momentum in quick succession.
For those still wondering if it is worth to own Nano as part of a cryptocurrency portfolio, there are some key selling points. As James B. points out, its low fees make it very appealing, and the DAG technology can offer significant scaling improvements compared to other projects. All of these selling points make Nano stand out among other altcoins in its own way.
Why own #NANO? In case low fees becomes the deciding factor for widespread adoption of cryptocurrency or a specific use case & DAG technology proves secure over time & scales in a way that blockchain tech does not.
— James B. (@JBJD_SF) October 30, 2018
Traders and speculators who are keeping a close eye on the Nano price chart will have noticed things are heading in the right direction. The Nano/BTC market crossed the 14EMA on Binance, which seems to indicate there will be further upward momentum in the near future. How high the price will go, is a different matter altogether.
Based on the current momentum, surpassing $2 should not pose any major challenge. At the same time, it is interesting to see if this current uptrend can be sustained for a while longer, as the overall bearish sentiment remains firmly in place. That doesn’t bode well for most altcoins, although some markets tend to do unpredictable things first and foremost.