One of the most popular altcoin tokens this week is NEM (XEM) which has risen following its Coincheck listing. After the exchange announced that it would once again allow trading of the token, the price of NEM has jumped and was everywhere in the cryptocurrency news section.
The XEM token, which was suspended after a hack at the exchange led to more than half a billion dollars in tokens being stolen and laundered through other exchanges, started picking up some momentum before the official Coincheck announcement.
Currently, NEM (XEM) is trading at almost 12 cents per token and has a market cap of $1 billion. This is obviously a far cry from its January high of nearly $1.50 but is still a two-month high for the altcoin.
Speaking of, the NEM cryptocurrency is right now 17th on the list of largest tokens by market cap. It hit a high of $0.114 yesterday and currently sits about .007 less than this price. Anyways, the 16% gain beats out many notable contenders such as zcash by hundreds of millions of dollars (in market cap).
Regardless of its token, the business behind NEM has kept up its operations and even ventured in a few strategic partnerships, one of which is the one with OATH Protocol and Portal Network. The company also created a product known as PUBLISH which is supposed to be a form of a decentralized news gathering/publishing service.
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“We’ve had some bullish moves on ETH, BTC, and altcoins over the last 2 weeks. Is the bear market over? Maybe, the fact of the matter is we are going up. Traders must see PA for what it is and can change bias quickly. If you have been stuck with a bearish lense you are missing out.’’Over the past few months, Bitcoin and the other cryptocurrencies show similar movements. BTC showed weeks of stability but it later plunged by 10 percent. However, the current stability is not a guarantee for improved future performance. The crypto market shows a period of stability for the past couple of weeks. Ethereum made gains during today’s trading session. After the 12 percent surge in the price of ETH, crypto trader DonAlt said:
“Well, this is a proper moon. Not a big liquid spike but rather a nice controlled walk up. Didn’t expect quite this much action into the weekend but I’m not complaining. ETH as the top gainer on BitMEX. Right at resistance here – will be interesting if it can break through or not.”
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