By the end of 2017, the entire cryptocurrency market underwent massive downfall in terms of market capitalization as well as the value of individual tokens. With a few exceptions, most of the digital currencies were more or less affected by this phenomenon including cryptocurrency giants like Bitcoin, Ethereum, Monero, Litecoin, etc.
As per current scenario, there are nearly 1800 virtual currencies available in the market among which more than 1500 coins are listed on Coinmarketcap. This number, however large it might seem, would not be constant. Instead, it is likely to increase rapidly in the coming months and years as more initial coin offerings or ICOs would be tokenized. In this interminably growing market, volatility is inevitable and sooner or later every coin is likely to face some drastic downfalls in their corresponding prices.
Under such circumstances, every individual cryptocurrency has not only to present some inherent unique features to increase the number of users but also has to possess the potential to recover quickly from a drastic loss. When it comes to quick recovery, the name of cryptocurrency Nano must be mentioned as its price got doubled (from 7 USD to 15 USD) within a matter of few days by the end of February 2018. This coin currently holds the 19th position on Coinmarketcap with a steady uptrend. Here, you would find out a few factors and incidents that might cause a significant upsurge in both individual price and overall market capitalization of this coin.
Factors that are Bolstering Nano’s Position:
A coin can experience a sudden augmentation in its popularity for a considerable number of reasons. These reasons can vary from an insignificant change in the official logo to implementing new software programs. For this cryptocurrency, such reasons include:
- A Change in Nomenclature: Nano previously came into the market named as Raiblocks (XRB). The problem with the former name was that many traders across the globe found it difficult to pronounce and remember its slug. This incident significantly affected the overall popularity of this coin and eventually its circulation. At the beginning of February 2018, the Raiblocks team changed the name into Nanocurrency (NANO) to improve their position in the market and it worked like a charm. Within a few weeks, the price of Nano surged 38% lifting its overall market cap to nearly 1.3 billion USD. It is expected from a development team who can come up with such ingenious solutions to get through future hindrances quite easily.
- Positive Feedback from Crypto-Experts: In cryptocurrency market, the comments or reviews of cryptocurrency aficionados and experts like Charlie Lee (founder of Litecoin), make a considerable impact on the digital currencies as they decide the market sentiment and trend for certain coins. Nano’s whitepaper got huge appreciation from Charlie Lee because of its innovative technology and functionality as a cryptocurrency. In his personal Twitter account, Charlie Lee praised this coin with clarifying explanations of various issues. Such positive comments from renowned crypto-experts are likely to contribute to this coin’s future.
- Imminent Release of Android Wallet: Since using a Smartphone has become a de rigueur in modern society and the majority of people use this technology vehemently, releasing an Android cryptocurrency wallet is a judicious move to rapidly increase the popularity of a particular currency. Despite the fact that there are already available wallets of Nano in the market, the development team of Nano had already announced finishing the alpha testing of this wallet. Once this wallet is released, a significant number of traders are expected to use Nano and its efficient android wallet eventually leading to its price surge on Coinmarketcap.
- Support from Twitch: Twitch is a well-known game streaming platform owned by Amazon. Recently Twitch started accepting Nano as a valid currency from its subscribers. This streaming platform has currently more than 10,000 subscribers and it is likely to increase even more in future. So, the support from Twitch might contribute to Nano’s increased circulation and popularity.
The Listing on Coinbase Exchange:
Since Nano’s community got rewarded by the Binance exchange for being the best cryptocurrency community, there has been a speculation regarding its listing on Coinbase. Coinbase belongs to the group of most frequently used currency exchanges around the world and so far has listed a considerable number of currencies. Although a significant number of traders deem that Nano still has a long way to go before it gets listed on Coinbase, others are quite hopeful about this. If the listing occurs eventually, it will provide Nano the right amount of exposure it requires to become a major cryptocurrency.
How 2018 should turn out for Nano?
Keeping the volatile nature of cryptocurrency in mind, it is impossible for foretell the future of any cryptocurrency. But still, with the right set of information and imminent events, a probable future can be predicted, even if it is not very accurate. As per the data of 11th March 2018, Nano has a market cap of nearly 1.4 billion USD with an individual value of $10.66.
If its current recovery and other factors like lucrative partnerships, listing, and launching of wallets are considered, Nano is likely to experience a successful 2018. Moreover, with the presence of an efficient development team, this cryptocurrency might lead the list of top digital currencies as well.
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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. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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Hong Kong, Hong Kong, 24th December, 2020, // ChainWire //
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