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Here’s Why NEM (XEM) Is Already Ahead Of Ethereum (ETH)

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NEM and XEM what's what?

NEM (XEM) might only command a market capitalization that gives it a ranking of 10th in the overall cryptocurrency space but, if you were to rearrange this ranking based on future potential (perhaps, rearrange it to reflect what could well be the situation within three years), NEM could easily slot within the top three coins on the market.

With a current market capitalization of just $5 billion, as compares to the $141 billion cap of bitcoin, the $79 billion cap of Ethereum and even the $30 billion cap of Ripple, that seems, at a glance, like a bit of an outlandish claim.

XEM Daily Chart

XEM Daily Chart

Take a look at this one behind the scenes, however, and it becomes far more of a valid hypothesis.

Here is what we are thinking.

For anybody that is new to NEM, the company (eponymous) has developed a technology that many see as similar to the technology that the above-mentioned Ethereum has created and, in some ways, this comparison is valid.

In many ways, however, it’s not.

For starters, Ethereum is entirely decentralized, while the NEM technology incorporates a degree of centralization but, at the same time, is far more suited to quick and easy integration with current enterprise-grade technology than is Ethereum.

There is plenty of information available as to the deep technological differences between the platforms and their respective technologies but, for us, the best way to think of these two is that Ethereum is designed to completely rebuild the way enterprise technology works, from the ground up. NEM, on the other hand, is almost like a plug-in system that can be built on top of current technologies to allow for integration with blockchain technology, which, in turn, allows the company using it to draw benefit from the inclusion of a blockchain based system in their existing technological framework.

NEM offers both a private and a public blockchain technology through the use of its Mijin platform, which also allows companies to maintain some degree of privacy as far as use of their assets and data is concerned – something that is very difficult (if not impossible) to achieve when building a decentralized application system on Ethereum’s platform.

Additionally, through the use of what NEM calls Mosaics, developers can integrate the NEM blockchain technology into their existing technological framework using pretty much any programming language, as compares to the restrictions of a platform-specific language for Ethereum (Solidity).

This means that a company wanting to employ blockchain technology doesn’t have to simultaneously employ a brand-new team of programmers who are familiar with, in this case, the Solidity programming language. Instead, they can use their existing team for the integration.

So what’s our point here, what does all this mean?

Well, we are not downplaying the potential importance of Ethereum in the global blockchain revolution. What we are saying, however, is that Ethereum integration is a decade-long process that, outside of those companies who build on Ethereum from the outset (so, all those companies conducting ICOs right now), is a long way off realization for the vast majority of legacy corporations.

NEM technology, on the other hand, is almost an overnight integration solution. What we see happening, therefore, is those companies looking to migrate to blockchain technology doing so through NEM initially, before maybe migrating to Ethereum long term.

Some, of course, will use NEM in this stepping-stone manner, while some will stick with NEM longer term – there’s no immediate disadvantage to falling within this latter camp, especially for an early adaptor (which these companies are by definition).

And of course, as NEM adoption spikes, the demand for XEM as a platform functionality asset will push up the price.

We will be updating our subscribers as soon as we know more. For the latest on NEM, sign up below!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency.


Image courtesy of NEM

Crypto

BNB Price Surges Past $300, Faces Crucial $339 Hurdle: What’s Next?

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BNB price has noted significant gains over the past few days, surging past the psychological resistance of $300. The native cryptocurrency of the Binance Exchange has surpassed Solana to regain its position as the fourth-largest cryptocurrency by market cap. The digital currency has been rallying lately with a 7-day profit of more than 15%. Additionally, BNB has clocked a phenomenal gain of 38% in the month to date.

Binance Coin Outlook

BNB price has been on a strong bull run for the past week, breaking out of its consolidation. Even so, the asset has experienced a correction in its uptrend over the past 24 hours but remains above the crucial level of $300. BNB’s total market cap has decreased by 4% over the past day to $48 billion, while the total volume of the asset traded over the same period dipped by about 15%.

Over the past year, Binance Coin has had to cope with Fear, Uncertainty, and Doubt (FUD)  on the back of the regulatory troubles of its underlying exchange. Earlier, the BNB price touched a low of $223.50, a few days after its former CEO, Changpeng Zhao, pleaded guilty to money laundering charges. However, the cryptocurrency has managed to rebound 46% in value since then.

The recent price rally has been associated with various positive developments in the Binance ecosystem, including the Introduction of the Isolated Margin Auto-Transfer Mode. This feature enables…

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Altcoins

Solana Price Surges Beyond $100, Dethroning Ripple and BNB To Secure Fourth Place

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Solana price performance in recent times has been remarkable, surpassing Ripple and Binance Coin to become the fourth-largest cryptocurrency by market cap. The SOL price breached the critical level of $100 for the first time since April 2022 over the weekend to imbue optimism among investors. However, the altcoin has corrected by 7%, suggesting that the market is overheated. At the time of writing, the ‘Ethereum killer’ was trading slightly lower at $111.60.

SOL Outlook

Solana price has made a significant recovery over the past few weeks, climbing above the psychological level of $100. The altcoin has been one of the best-performing assets this year, extending its year-to-date gains to more than 1,025%, with more gains recorded in the past month alone. However, even with such growth, analysts have noted that Solana has a bleak chance of topping its ATH of $260.

The reason behind this is the increase in supply relative to its value. In November 2021, when the Solana price hit its all-time high of $260, its total market capitalization was around $78 billion. Despite the value of the crypto asset being less than half of what it was at the top, its market cap is currently hovering near $50 billion.

This has been brought about by the increase in the Solana supply by more than 100 million SOL over the past two years. According to some analysts, for the altcoin to retest $260, its…

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Altcoins

Solana Price Skyrockets to 20-Month Peak Amidst Memecoin Frenzy

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Solana price has noted significant gains over the past few weeks, climbing to its highest level since April 2022. The ‘Ethereum Killer’ almost topped the crucial level of $100 on Friday, before pulling back slightly. The asset’s recent surge has catapulted Solana’s total market cap to $39.6 billion, ranking 5th after and above BNB and XRP, respectively. Solana has jumped by more than 22% in the past week and more than 80% in the month to date. At the time of writing, SOL price was trading 0.90% lower at $93.10.

Catalysts Behind SOL’s Rally

Solana price has been on a strong bull run over the past few days, rocketing to its highest level in 20 months as the network benefits from the substantial activity and strong interest in memecoins. The SOL token, the native digital asset of the high-performance blockchain platform Solana, has shown some serious strength over the past few weeks, outperforming all the altcoins in the market.

The recent surge in the Solana price has been linked to heightened on-chain activities on the Solana blockchain. Notably, the ongoing hype for the blockchain’s speedy transactions, cheap fees, and a lottery of meme coin issuances has buoyed SOL’s on-chain activity. Metrics have revealed that Solana has been the strongest draw among on-chain traders, with trading volumes and network fees outperforming Ethereum- the largest altcoin by market cap.

Cited figures provided by DeFi aggregator DeFiLlama

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