The bounce came and the bulls are back in charge again this morning. Many were wondering if the markets would fall to Feb 6 lows but they did not make it that far down. Bitcoin found support at $8,500 and has climbed back 4.6% to over $9,300 bringing the altcoins up with it. They are all recovering but one that is leading the way is Nano.
Coinmarketcap reports that Nano is up over 34% during this morning’s Asian trading session. This altcoin seems to have wilder swings than the rest and is a bit more volatile. Trading at a low of $8.72 yesterday Nano is up to $12.24 today. Over the past week it has slumped 45% from just under $16 to yesterday’s low but has now rebounded stronger than the rest.
Nano is the re-branded version of RaiBlocks, it has been in a general downtrend since its all-time high of $37 during the New Year crypto spike. New wallets for Android and iOS have renewed interest in the coin but it has yet to gain the momentum to keep it from falling when all the others do. The movements of Bitcoin still have such a great influence over all other altcoins.
Nano is traded predominantly on Binance which has 75% of the trade volume. Its market cap is $1.6 billion and it is ranked at 18th, 24 hour trade volume is $75 million. Nano is currently leading the rally but in general all cryptocurrencies are down and total market cap is still below $400 billion.
Other altcoins recovering strongly this morning include Litecoin, Monero, Iota, VeChain, OmiseGO, and Icon.
More on Nano can be found here: https://nano.org/en
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.