NEM Wakes Up With A 23% Surge Overnight: Analysis

NEM wakes up with a 23 percent increase in what it seems to be an overnight surge, after being down by 97 percent since the market peak of January 2018. In our NEM news today, we read what the NEM smart assets system is up to.

NEM is now up by 71 percent since December but this cannot be yet considered as the start of an alt season. The 29^th ranked crypto by market cap, NEM wakes up and got one-quarter of its value back into the day’s morning. The altcoin had previously lost 97 percent of its value in the two-year decline that goes back to January 2018 and this past month, the XEM cryptocurrency dropped to its lowest value in over 2.5 years.

Over the weekend, however, NEM mounted a resurgence that managed to bring back 23.8 percent of its value. That saw the coin price increase from $0.041038 up to $0.0500845 with a peak arriving at 6 AM. That leaves NEM up by 31 percent for the week and up by 64 percent for the month. The quiet recovery attracted a little attention but the coin’s price is now up by 71 percent since its December low. With no clear catalyst for the increase in price, some of the analysts believe that one of the reasons for NEM’s sudden surge is the beginning of the new alt season that is supported by the decent price movements of other major altcoins.

Coins such as Bitcoin Cash, Zcash and others, have more than doubled since the end of 2019. In crypto, it may only take a month to double the investments but knowing when to enter and which coin to back is not a simple task. While other major altcoins went after bitcoin’s lead after the December low, their rewards were not distributed equally. Ethereum and XRP increased by 30 percent in value since December and the best performer in the market cap over the past 30 days was Bitcoin SV with a 413% increase.

Bitcoin Gold also did well with an obvious pump-and-dump coin which surged to the 292% and there’s not a clear answer to how that happened. The only certain point is that the market has been climbing upwards for the past few weeks so we are yet to see a full-blown alt-season.