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NEM Price Surpasses $0.1 Following Expansion Into Australia

This week is already off to a good start for a few alternative cryptocurrencies. While most people have kept tabs on the top altcoins and some lower-cap altcoins, this week may very well be all about NEM. Its value has risen above $0.1 again, and it seems the trend is only gathering more momentum as time progresses.

NEM Price Makes a Strong Move

It doesn’t happen all that often most altcoins can still note gains when a new week comes around. The transition from the weekend into a new week is usually accompanied by a wave of red across all cryptocurrency markets. In the case of NEM, things are looking pretty solid right now, as its value has surpassed $0.1 again without too much resistance.

This recent gain materializes in the form of a 5% nudge in the USD and BTC department. While it is isn’t uncommon for altcoins to gain on Bitcoin on a semi-regular basis, those gains hardly remain in place for an extended period of time. This particular NEM trend is a bit different, by the look of things, although it doesn’t necessarily have the necessary trading volume to sustain this upward momentum for long.

There are some peculiar developments involving NEM in the past few days. One of the more intriguing bits of news comes in the form of an active partnership with CloakCoin. It is always interesting to see altcoins join forces these days, as there is a good chance projects will not remain relevant if they attempt to go at things alone.

Furthermore, the NEM team has set up a blockchain hub in the city of Melbourne, Australia. Unlike what some people might think, Australia is still a pretty big region when it comes to both cryptocurrency and blockchain these days, primarily because of relatively lenient regulatory measures. How this venture will pan out for NEM, remains to be determined, but it is a pretty bold move.

A recent video documenting NEM Advisor Jeff McDonald explaining blockchain technology is also getting a fair bit of attention these days. Considering how this discussion took place in the Philippines, it is only normal there is some buzz regarding this development. The region is home to a lot of blockchain and cryptocurrency activity, and it appears these industries will continue to grow.

With all of this positive momentum in place, it seems evident the NEM price rise will not slow down just yet. Sustaining this value above $0.1 is never straightforward, as such levels are often psychological barriers for traders and speculators. The developments taking place behind the scenes seem to indicate there will be more growth to come in the coming months.

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A lot of confusing action is taking place where the Bitcoin Cash price is concerned. Although its actual decline in value is quite obvious for everyone to see, the real price of BCH is not necessarily what people can see on Coinmarketcap. This is primarily because numerous exchanges treat BCHABC as Bitcoin Cash already despite nothing being decided in terms of which chain will be the longest. Bitcoin Cash Value Fluctuates Heavily Depending on where traders look at, the price of Bitcoin Cash will be either close to the $400 level or down to $250-ish. That is quite a large gap between prices, yet one that is also very easy to explain. Bitcoin Cash, as people knew it before the fork, no longer exists. Most professional exchanges have also retired this price ticker, for the time being. As the hash war rages on, there are still a lot of unknown factors waiting to be addressed. Despite this ongoing kerfuffle, there is a net 5.76% decrease in the Bitcoin Cash price, and a 5.4% decline over Bitcoin. More specifically, that is what CoinMarketCap reports at this time, although this is not necessarily the case whatsoever. In fact, some exchanges are clearly jumping the gun by labeling BCHABC as BCH and thus dragging the Bitcoin Cash price down a bit more. Exchanges currently engaging in this activity include Bittrex and Coinex, neither of which plays a big role of importance when it comes to trading. However, based on the current value of BCH on Bitfinex and Gate.io, it seems a similar incident is taking place. One also has to keep in mind Bitcoin Cash was getting battered ahead of the network split as well. Most exchanges have halted trading of BCH indefinitely, primarily because the currency no longer exists. It is evident either BCHABC or BCHSV will take over that name in the future, but nothing has been decided at this point. As such, any trading referring to just “Bitcoin Cash” or “BCH” should be avoided, as most users can never be sure which currency is effectively being traded under this name. All of this skews the picture pertaining to Bitcoin Cash altogether. Coinmarketcap reports there is still $392m in trading volume for BCH, even though that is virtually impossible right now. With so many exchanges freezing deposits and withdrawals, it is evident actual BCH trading is no longer possible whatsoever. Virtually all platforms have deposits of BCHSV and BCHABC frozen as well, which only makes this market trend more confusing. It is safe to say the entire network split has been a bit of a mess first and foremost. In the case of Bitcoin Cash itself, that name will – under the current circumstances- not be used across exchanges for much longer. Instead, the two separate camps need to be treated as such first and foremost. Until things settle down – with might not necessarily happen anytime soon – the Bitcoin Cash price itself is pretty much irrelevant for most traders and speculators. Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency. The post Bitcoin Cash Price Gets Skewed due to Exchange Trickery appeared first on NullTX.

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