Price analysis

NEM price gains 17% as Coincheck resumes trading of the token

NEM price has gained 17 percent in the past 24 hours making it the best performing cryptocurrency in the top 20 by market cap. This development has seen the crypto-coin achieve its highest price in over nine weeks according to data from coinmarketcap.com.

NEM price increase comes after Coincheck re-enables trading of the token

The price gain has also coincided with a more than two months and one-week high 24-hour trading volume that occurred on the same day. The 17th crypto coin by market capitalization rose to $0.114 at 09:14 UTC – the highest price it has attained since September 5th. The same 24 hour trading period saw the coin accumulate more than $45.6 million in trading volume. Its a figure that represents the highest volume the token has recorded since July 29.

Interestingly, the token jumped 25 percent after news that trading of the token had been re-enabled on Coincheck. It’s the first time NEM is trading on the Tokyo based crypto exchange since 500 million NEM tokens were stolen from its digital wallets on January 26th, 2018.

The price of the token began to spike at approximately 8:15 UTC. That’s 45 minutes before Coincheck made the announcement public that they had re-enabled trading at 9:01 UTC.

As of the time of writing, the NEM price is averaging $0.108 across major exchanges, a 17 percent increase on the day.

Also earlier today NEM’s market cap increased to $1.02 billion the highest value it has attained since September 5th.

However, a quick look at the other top cryptocurrencies shows that they are registering modest gains. The highlight being Bitcoin Cash which is still experiencing a correction after last week’s spectacular gains. BCH is currently trading at $527 which represents a -0.16 percent loss in the past 24 hours. The Bitcoin fork is expected to hard fork this coming Thursday.

Can NEM price maintain the gains in the coming days? Share your thoughts in the comment section below.

coinmag

Basil has three years of freelance experience writing on disruptive technologies. He focuses on breaking news and education pieces; helping to spread the gospel of Blockchain. He hopes to have his own blockchain company one day; helping the world through its innovative ledger technology.

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