Categories: CryptoNews

NEM Price Surges to $0.35 Despite Bearish Cryptocurrency Market Sentiment

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.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

Recent Posts

What Is the Crypto Exchange Ranks Project?

There are a lot of interesting developments in the world of cryptocurrency. Crypto Exchange Ranks is a rather unusual venture,…

7 hours ago

Cryptocurrency Markets Will See Solid Growth Once the ICO Bubble Bursts

The first half of 2018 hasn't gone according to plan for most cryptocurrencies. Indeed, there is plenty of reason for…

8 hours ago

ICO Team Removes Team’s Cut of Upcoming Airdrop to Create a Fair Distribution

Even though the ICO industry gets a lot of flack, there are some positive developments to take note of regardless.…

9 hours ago

Top 4 Blockchain Interoperability Projects

One of the many factors holding global blockchain adoption back is that these chains cannot communicate with one another. Instead,…

10 hours ago

CryptoKitties Transaction Volume and Values Decline Spectacularly

Even though the CryptoKitties project has attracted a lot of attention, it seems things are not evolving in the right…

11 hours ago

EOS Main Net Briefly Paused After Deferred Transaction Handling Goes Awry

Even though EOS has attracted a lot of attention, the launch of its main net has left much to be…

12 hours ago