A green start to the week is a good sign in crypto land. Weekends usually spell a selloff but positive buying pressure has been maintained this morning in Asia and crypto markets have remained well above $300 billion. Bitcoin has made gains above the key $8,000 level and is currently trading just over a percent higher on the day at $8,150. Nearly all of the altcoins are in the green this morning and one leading the charge at the moment is Nem.
Coinmarketcap is reporting a 15% increase in XEM over the past 24 hours. Currently trading at $0.35 Nem has risen from $0.30 this time yesterday and has posted the largest gain among the top 25 cryptocurrencies. Weekly gains have also been strong as this altcoin has climbed 52% from $0.23 this time last Monday. Over the past month it has regained all losses and is trading at the same level once again. Compared to Bitcoin Nem is up around 14% to 4350 satoshis from 3800 sats the same time yesterday. Since last Monday it is up almost 30% from 3375 satoshis at the beginning of last week.
The Nem developer team has been very active with a number of well publicized meetings and conferences across the globe in recent weeks. The altcoin seems to be recovering from the Coincheck hack which resulted in the theft of over $500 million in XEM tokens. The exchange has reimbursed most of the losses back to its customers. Nem had a tough month in March, losing around 43% of its value in that month alone. It seems to be on the way to recovery now as crypto markets rebound a little.
The majority of Nem trade has been carried out in Japan in the past 24 hours with Zaif exchange taking almost 40% of the total volume in JPY. South Korea’s Upbit has second share with 24% in KRW. Total volume is around $100 million and Nem has a market cap of $3.2 billion which ranks it at 11th place.
Total crypto market capitalization has increased 2.5% over the past 24 hours and currently stands at $329 billion. However, this rally still has a long way to go before it can be considered a true reversal. Other altcoins with solid gains during the morning’s Asian trading session include Cardano, Stellar Lumens, Bitcoin Gold, and Bytecoin.
More on Nem can be found here: http://nem.io/
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 possible fundamentals.