The leading cryptocurrency Nano made another leap forward and surged in price by 30%. This move for the cryptocurrency has finally placed it among the top twenty coins regarding market cap. Currently, Nano has a valuation of $2 billion making each coin worth $15 (at press time).
This jump is the latest in a series of massive volatility for the virtual currency that gained 20% in just one day last week. Some say that the leading cause of the instability and the big jump in Nano’s price is the BitGrail event where more than $170 million worth of Nano got stolen (which represents 10% of the total supply of Nano tokens). This event made the price of Nano fall from its highs of $28 to just $6, recording a loss of 466%.
After this loss, many factors made people move their Nano coins. Fear, uncertainty, lack of confidence and many other things caused investors to rush. However, even though the technology behind Nano was not responsible for the crisis, the now-closed BitGrail exchange made the coin drop to less than a fourth of its price.
If you don’t have a clue about this cryptocurrency, the best way to describe Nano (NANO) is as a re-branded cryptocurrency previously known as RaiBlocks (XRB). According to the developers, Nano provides zero fees, instant transactions and near-infinite scalability. Currently, the system can handle seven thousand transactions per second which is way better than Bitcoin’s (seven) and Ethereum’s (fifteen) transactions.
Nano does this by discarding the conventional blockchain structure entirely and using a block-lattice which is a two-dimensional system. For many, Nano is best known as the Directed Acyclic Graph (DAG) or the same technology used by the famous platform IOTA.
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