NEM Price Jumps 16% as Other Top Coins Tumble

China is Working Toward National Blockchain Standards
China is Working Toward National Blockchain Standards
13/03/2018
Elon Musk Continues to be Curious About Cryptocurrencies
Elon Musk Continues to be Curious About Cryptocurrencies
13/03/2018

NEM Price Jumps 16% as Other Top Coins Tumble

NEM Price Jumps 16% as Other Top Coins Tumble


Get Trading Recommendations and Read Analysis on CryptoLiveClub for simply $39 per thirty days.

The NEM value surged 16 % on Tuesday, defying the bearish development that characterised each different top-tier cryptocurrency.

NEM Price Surges 16 Percent as Other Top Coins Tumble

It was a disappointing day for cryptocurrency traders, as 97 of the highest 100 cash posted single-day declines. However, the NEM value (XEM) not solely resisted this bearish development — it really managed to realize a double-digit share enhance in opposition to the US greenback.

At current, NEM is buying and selling at $zero.44 on Poloniex, which is roughly in keeping with the token’s international common. NEM has a market cap of just below $four billion, which makes it the 11th-largest cryptocurrency based on this metric.

Nem price
XEM Price Chart | Source: TradingView

NEM buying and selling quantity is at the moment closely concentrated in Asian markets, with the vast majority of it denominated in fiat buying and selling pairs. South Korea-based Upbit’s XEM/KRW market accounts for just below 33 % of all NEM quantity, whereas Japanese alternate Zaif’s XEM/JPY pair contains one other 26 %.

nem price
XEM Trading Volume | Source: CoinMarketCap

NEM Price Rises as Coincheck Compensates Users for Record-Setting Theft

NEM’s rally has correlated with Japanese cryptocurrency alternate Coincheck’s announcement that it was starting to refund clients who misplaced NEM tokens (XEM) as a results of the January theft that noticed hackers abscond with greater than 500 million XEM.

As CLC reported, these tokens have been price $530 million on the time of the hack, making it the single-largest cryptocurrency theft in historical past, as measured by USD worth. Today, although, these tokens are price simply $225 million at market costs.

However, Coincheck is compensating customers at 88.549 JPY per token (~$zero.83) — almost double the current alternate price — for a complete payout of roughly $415 million. Presumably, most customers will use their refunds to buy NEM tokens, and — given the disparity between the refund value and market value — it’s probably that many will enhance their holdings over what that they had earlier than the hack.

Indeed, this seems to be the case, as Zaif’s XEM/JPY pair accounts for greater than one-fourth of NEM’s international buying and selling quantity.

NEM buying and selling quantity hardly ever eclipses $100 million, so it’s fairly conceivable that the Coincheck payout may place vital upward strain on the NEM value — if traders proceed to inject these funds again into XEM markets, that’s.

Featured picture from Shutterstock.

Follow us on Telegram.
Advertisement