Bitcoin
Nexus (NXS) Is One Of The Most Undervalued Coins On The Market
Nexus (NXS) is a top 70 coin right now but we’ve taken a look at the coin and the technology that underpins it and there’s a real chance that this one could continue to make its way up the cryptocoin market cap charts as we head into the first half of 2018.
NXS Daily Chart
As things stand, NXS is priced at $8.93. At the start of December, the coin went for just $1.50 a piece and a market capitalization of around $83 million. This latter figure, market cap, is now up at $490 million.
Over the last twenty-four hours alone, we’ve seen NXS run more than 90%.
So why do we like this one and what’s coming next?
Let’s take a look.
First up, a quick introduction.
The company describes itself as follows: a decentralized currency project looking to distribute networks fairly worldwide via infrastructure such as cube satellites in space.
Forget that space thing for a moment. It’s neat and a USP (and certainly a good sound bite, given that the company’s founder has ties to Elon Musk) but it sort of diverts the attention away from what’s really important here – that Nexus is trying to basically take what Satoshi Nakamoto put together as part of the original bitcoin white paper and reinvent it so as to make something that’s truly decentralized, isn’t going to run into the sort of scaling concerns that bitcoin has, isn’t going to suffer from the security issues that many of today’s leading coins do and – basically – is a cryptocurrency and decentralized ledger that truly offers what bitcoin promised it might in the early days.
Again, this seems ambitious, and we’ve got to keep in mind right now that this thing is very much at project development level. The coins are available, sure, and the blockchain is up and running (of course, since the coins are trading and can be exchanged) but the real world application of the coins and the blockchain that underpins them is yet to be realized.
For us, however, that’s not too much of a concern.
We could have said the same thing about Ethereum a couple of years ago. Or something like XRP as little as six months ago. These things take time to develop and when you’re looking through the list of tradable cryptos in an attempt to sort the wheat from the chaff, you’ve got to (to some degree) be able to look past development progress and focus on what the successful execution of the company in question’s roadmap might mean for the industry long term.
And with Nexus, when you consider it in this light, it’s a real winner.
We aren’t saying, of course, that readers should disregard the nascent stage of any potential cryptocurrency investment. The less developed a coin or a technology is, and the less active it is fro a community and user perspective, all that sort of thing, the higher the level of the risk any investor is being asked to take on when he or she takes a position.
Combine that with the inherent riskiness of this space as a whole right now and the risk is amplified.
With that said, however, there’s also an incredible amount of reward on offer for anyone that is willing to shoulder a degree of risk in anticipation of their expectations playing out to fruition.
The action we’ve seen in NXS over the last few weeks suggests that there are plenty of traders and investors that fall into the latter category – those willing to take a risk – and this points towards strong sentiment going forward.
The bottom line on this one: a risky play, sure, but potentially an incredibly rewarding one.
We will be updating our subscribers as soon as we know more. For the latest on NXS, sign up below!
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 Nexus
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
-
Blogs6 years agoBitcoin Cash (BCH) and Ripple (XRP) Headed to Expansion with Revolut
-
Blogs6 years agoAnother Bank Joins Ripple! The first ever bank in Oman to be a part of RippleNet
-
Blogs6 years agoStandard Chartered Plans on Extending the Use of Ripple (XRP) Network
-
Blogs6 years agoElectroneum (ETN) New Mining App Set For Mass Adoption
-
Don't Miss6 years agoRipple’s five new partnerships are mouthwatering
-
Blogs6 years agoEthereum Classic (ETC) Is Aiming To Align With Ethereum (ETH)
-
Blogs6 years agoCryptocurrency is paving new avenues for content creators to explore
-
Blogs6 years agoLitecoin (LTC) Becomes Compatible with Blocknet while Getting Listed on Gemini Exchange
