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NEM (XEM) Back Among The Top Cryptocurrencies Following The Recent Surge And Announcement Of WeChat App
Things seem to be looking up for NEM following the recent surge that placed it in the top ten list of cryptocurrencies based on market cap.
The recent surge in the price of the altcoin is believed to have been influenced by news announcing the development of a WeChat app. The surge in the price initially saw it rise to $0.47 after which it was ranked 10th on December 11. However, the price has continued to go up and the cryptocurrency was valued at around $0.88 by December 19 with a volume of$233,392,000. This pushed the altcoin up by one position, thus placing it at 9th place.
NEM is one of the cryptocurrencies that made an early debut into the world of digital currencies. The altcoin came into the market in 2014 and its XEM coins were freely airdropped as opposed to the current situation where tokens for newer currencies are sold via ICOs. NEM also happens to be one of the cryptocurrencies that focus on security. It system employs a modular design that shields it from hacks and DDOS attacks.
One good example of NEM’s supreme security measures is the use of the “Node Reputation System” to identify suspicious activity. The system leverages machine learning as well as network nodes that are beyond normal behavior to pinpoint a deviation and also to roll out countermeasures for blocking attacks. This kind of focus on security is a key factor towards creating more confidence especially among developers which has, in turn, boosted its popularity.
NEM not only focuses on security but it also transaction speeds. Its system uses features called “supernodes” which boost transaction speeds and also deliver limitless scalability. The technology combines the payment features of blockchain technology with other technology-based infrastructures.
The NEM infrastructure has also opened doors to the creation of new technology such as the Smart Access System which allows developers to create a variety of decentralized applications. This could range from authentication services, document notarization, ICO, andtracking logistics among others.
As for the performance and growth of the cryptocurrency, it has registered a lot of growth since the beginning of the year but it is worth noting that it experienced a lot of volatility during the second half of 2017. Meanwhile, there was some confusion in the cryptocurrency community when the WeChat app was announced. The partnership was on whether the NEM developers were developing an app or whether they were teaming up with WeChat. However, there was clarification which revealed that it was not a partnership but rather an application for the WeChat ecosystem.
The confusion and a sudden drop in the trading volume caused the price of the cryptocurrency to plummet from $0.63 to $0.33 on Sunday.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Albert Hsieh via Flickr
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…
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…
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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