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NEM Skyrockets as Coincheck Resumes Trading, Altcoins Trade Up Amidst Bitcoin Stability

Avatar Cole Petersen 1 year ago

NEM (XEM) is currently trading up nearly 20% as cryptocurrency exchange Coincheck resumes its normal trading activity.

NEM’s meteoric price rise comes amidst overall market stability, with Bitcoin (BTC) trading steadily at $6,400, and most altcoins trading up.

At the time of writing, Bitcoin is trading at $6,400, recovering from a slight dip into the mid-$6,300 region. Bitcoin is still trading firmly in its long-established trading range between $6,200 and $6,700, and its prolonged sideways trading trend has proved to be a positive thing for the altcoin markets.

Currently, NEM is leading Monday’s market surge, trading up 17.8% at its current price of $0.11. Following Coincheck’s announcement that they were resuming trading activity on their exchange, NEM surged to highs of $0.114, before falling to $0.103 as a result of profit taking. Its price has since climbed back up and is currently sitting near its current highs.

NEM’s sustained price pump has also been fueled by rising trading volume, which jumped from about $5 million prior to the Coincheck announcement, to its current levels of over $48 million.

Following the massive $500 million hack Coincheck was the victim of early this year, the exchange has had a difficult time fixing their management issues, security issues, and meeting the new, stricter, regulatory requirements being set forth by Japanese regulators.

The Tokyo-based exchange first announced that they would be resuming new account openings and customer deposits in late-October, but limited the cryptocurrencies available to trade to BTC, ETC, LTC, and BCH.

Related Reading: Cryptocurrency Market Update: Has NEM Awoken

Altcoins Trade Up

Although NEM has thus far been the leader of today’s cryptocurrency market surge, other altcoins have posted gains as well.

At the time of writing, XRP is the highest preforming major alt, currently trading up nearly 4% over the past 24-hours, at its current price of $0.52. XRP has had a choppy week of trading, first rising to highs of $0.56 on November 6th before falling to lows of $0.49. Since then, its price has gradually drifted upwards towards its current levels.

Bitcoin Cash (BCH) is one of today’s worst performing major alts, currently trading down just over 1% at its current price of $520. It is currently down 18% from its weekly highs of $635.

Bitcoin Cash’s poor performance over the past few days comes after it witnessed a massive rise from lows of $415 in mid-October, to highs of $635 earlier this week. This rise was fueled by increased buying volume stemming from the imminent hard fork event which is scheduled to occur in three days, on November 15th.

Many investors expected its price to continue rising prior to this event, but it now appears that investors are less interested in acquiring the forked units than they are in profiting from its rise prior to the event.

Featured image from Shutterstock.
Cole Petersen

Cole is a cryptocurrency analyst based in Los Angeles. He studied at the University of California Irvine and has covered bitcoin and the crypto markets since 2017.

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