NEM currency saw a couple of ups and downs in the previous couple of weeks. Sitting at $0.1106 on September 5th, NEM went into a week-long downtrend which led towards a monthly low of $0.0796 on September 12th. From here onwards NEM entered somewhat of an uptrend which first peaked at $0.1021. The rise continued in the month of October and we saw prices $0.1121. The daily trade volume reached monthly highs on the same day with $28,094,175 worth of NEM being exchanged on the market.
At the moment of writing, NEM can be purchased for $0.106585 USD (3.26% rise in the last 24 hours)/0.00001633 BTC (3.87% rise in the last 24 hours). This value represents a drop of 94% from the currency’s all time high of $1.90. Daily trade volume dropped off from the monthly highs and is currently sitting at $5,813,085, most of it coming from Binance (13%), B2BX (12%) and Zaif (11%). With a market cap of $959,269,409, NEM is currently the 17th most valuable cryptocurrency in the world.
Trader alanmasters from TradingView thinks NEM is looking pretty juicy at the moment:
“Have you looked at NEM (XEMBTC) lately? The charts are looking pretty good. Let me show you some signals that I am getting from the daily chart:
- We have increasing bull volume.
- Strong bullish divergence MACD.
- Bullish RSI / uptrend.
- New formed uptrend.
- Trading above EMA10 and breaking EMA50.”
NEM hasn’t been in the news much lately, but they have been patiently working and growing their project. As the platform is currently smart-contract ready, most of the focus was on the projects currently utilizing the NEM infrastructure for their own needs. He3Labs built a blockchain “designed for business data” called Catapult, which will allow businesses to run private or hybrid blockchains in a trusted environment. LuxTag, a project focused on providing blockchain-based digital certificates for valuable assets, released a video explaining the company’s “story of commitment, innovation, and passion.”
?Read Coinbase and Bittrex comparison – head to head.
NEM recently confirmed their intention to keep growing their ecosystem by announcing a couple of partnerships. Gifto, a platform looking to create the world’s largest mass consumer “token of appreciation” recently came on board. With Gifto, digital content creators, gamers, and charities can send and receive customized virtual gifts across social media including Youtube, Instagram, and Facebook. Through this partnership, Gifto will rest out the NEM blockchain scalability over the next several months, looking to fully migrate there from its current Ethereum base if the tests give satisfactory results.
Just days later a partnership with Oath, a layer 2 protocol that enables fair, robust, and transparent dispute resolution and governance on the blockchain, was confirmed. This one brings a strong security update to NEM’s blockchain while arming NEM users with mechanisms to resolve any potential issues with the infrastructure in a decentralized and fair manner.
In other updates, a partnership was signed with Portal Network, an incentivized and fully-decentralized platform that provides blockchain protocols and projects with identical Blockchain Name Service (BNS) standards governed by smart contracts. NEM partnered up with Singaporean Institute of Blockchain in a deal where NEM’s blockchain will be used for issuing electronic certificates and organizing community events. Finally, Japanese real estate company Ruden Holdings decided to adopt NEM blockchain as a framework for solving its currency settlements.
The infamous Bitgrail hack and the subsequent drop in price seemingly haven’t demotivated the NEM team. Providing features which include a proof-of-importance algorithm, environmental friendliness, Mosaic tokens, Multisig2.0, spam guard filters, private blockchains, NEM Nano wallets and a universal API, NEM team are creating an interesting candidate to replace Ethereum as people’s smart contract platform of choice. Several projects have taken the “NEM pill” and decided to work with the platform, including Eroiy, TravelByBit, PundiX and others. The question remains: will this be enough to overtake other smart contract platforms on the market?
CaptainAltcoin's writers and guest post authors may or may not have a vested interest in any of the mentioned projects and businesses. None of the content on CaptainAltcoin is investment advice nor is it a replacement for advice from a certified financial planner. The views expressed in this article are those of the author and do not necessarily reflect the official policy or position of CaptainAltcoin.com