In the last week, NEM and other altcoins alike experienced price gains. However, NEM’s price surge has been leading the charts with values above $0.1 during the weekend and this momentum is expected to keep rising with time.
Normally, most cryptocurrencies experience price surges that are short-lived since by the time it gets to Monday, the Altcoin’s prices are back to their usual prices—the price gains rarely remain at the same spot for long.
NEM started the week on a rising note
Cryptocurrency experts and enthusiasts expect NEM to break this trend and this is because the prices of NEM have been steadily rising and have transcended the $0.1 threshold resulting from a 5% growth rate. Currently, NEM is one of the only altcoins trading in the green since it hit the $0.1 mark with minimum resistance.
However, in the world of cryptocurrencies, a trend where digital currencies experience sudden prices surges and fluctuations are common. Cryptocurrency experts predict that this is what will also happen to NEM regardless of its uniqueness.
NEM’s current developments
Additionally, the NEM has been experiencing several developments in the last few days. For instance, it partnered with CloakCoin, which is one of the earliest altcoins to be based on the bitcoin code as well as featuring highly advanced security features and transactions.
A tweet by Crypto Central stated, “ClockCoin partnered with NEM and is a member of the new ecosystem.” This is an interesting development since partnerships between altcoins are usually an indicator of their strength and their ability to remain relevant in the industry.
Targeting new territories
Furthermore, NEM has recently highlighted announced that it will open a blockchain hub in Melbourne, Australia. Australia has few regulatory measures and procedures making it an optimal location for crypto development.
In an interview, NEM Foundation’s Australia and New Zealand lead stated, “The launch of NEM Blockchain in Melbourne is a strong sign of our commitment towards supporting innovation in Australia and the world.”
He also added, “We are excited by the opportunity for blockchain in Australia and are thrilled to be moving to the Victorian Innovation Hub as part of this initiative.” Investors are still optimistic about NEM despite the fact that it is still unclear whether NEM will realize its full potential.
Possible price surge
NEM’s price increase can also be due the attention NEM has been receiving lately after the altcoin’s advisor Jeff McDonald released a new video explaining blockchain technology. In the video recorded at the 44th Philippine Business Conference and Expo, organized by the Philippine Chamber, he explains some of the issues, that blockchain solves and how businesses can benefit from blockchain.
This could be one of the main reasons why NEM has been attracting a lot of attention in the Philippines. The Philippines currently hosts numerous cryptocurrency activities and from the recent trend in the country, the industries will continue to grow as time progresses.
It is clear that NEM’s price increase will be a continuing trend for a while. However, maintaining the prices above the $0.1 mark is never easy since such levels appear to be barriers for some traders and speculators. Nonetheless, the developments that NEM is undertaking prove that in the near future we should expect more growth from the crypto.
This article is not a direct guide for trading or investment in cryptocurrency. Do your own research and consult an expert before you invest in cryptocurrency.