Not all hope is lost for the cryptocurrency markets on this rather odd Sunday. Most currencies suddenly note small to medium-sized gains, despite the overall cryptocurrency market cap remaining nearly identical. The NANO price, for example, is fighting for control of the $1.6 level.
NANO Price Offers Some Excitement
Not much has happened throughout most of today where cryptocurrency markets are concerned. With Bitcoin entering sideways trading mode, altcoins usually tend to do the exact same. One exception comes in the form of the NANO price, which effectively notes a relatively strong gain in the past 24 hours. Sustaining any real momentum will always prove difficult given the current market conditions.
Over the past 24 hours, the NANO price has seen a rather surprising 6.65% value increase. This is much to the delight of cryptocurrency speculators, as most other markets remain annoyingly flat. This NANO price gain has also pushed the altcoin’s value back to $1.6. It is a small sign of recovery after a very rough period for NANO.
There is also a nice shift in the NANO/BTC ratio to take note of. Thanks to a 6.65% gain in favor of the altcoin the current positive USD trend can be maintained, for the time being. Depending on how Bitcoin’s value evolves in the coming hours, that ratio may begin to deteriorate rather quickly.
One thing to be rather concerned about is how NANO generates virtually no real trading volume. Less than $4m in trades over a 24-hour period does not instill any confidence for a long-term bull run. Cryptocurrencies work in mysterious ways, but it is clear this NANO price trend may not remain in place for too long.
Binance is the main platform for trading this altcoin. It’s BTC, ETH, and BNB pairs are all in the top five, representing a combined 88.5% of all NANO trades. Bitinka and Mercatox offer two additional BTC pairs for users to enjoy. There is no fiat currency support this current NANO price trend, as the first exchange on the list is Koinex in 21st position.
Whether or not the NANO price can recover some of its former glory later this year, is still very difficult to predict. The altcoin has seen a very rough period over the past few months, and it seems this uptick may not alleviate a lot of pressure either. Even so, it provides some excitement which other markets fail to generate.