Get trading recommendations and read analytics on Hacked.com for only $ 39 a month
The NEM price climbed 16% Tuesday, defying the downtrend that characterized all other cryptocurrencies first-class.
The NEM price climbs 16% while other coins fall
This was a disappointing day for cryptocurrency investors, as 97 of the first 100 coins posted one day declines. However, the NEM (XEM) price not only withstood this downward trend, but managed to achieve a double-digit increase against the US dollar.
At the present time, NEM is trading at $ 0.44 on Poloniex, which is about the global average of the chip. NEM has a market capitalization of just under $ 4 billion, making it the 11th largest cryptocurrency under this measure.
The volume of NEM transactions is currently highly concentrated in Asian markets. Upbit's XEM / KRW market, based in South Korea, accounts for just under 33% of the total NEM volume, while the XEM / JPY pair of the Japanese Zaif stock market accounts for 26% more.
The price of the NEM is rising as Coincheck makes up for it users for the recording Flight setting
The NEM Rally was correlated with Coincheck's announcement of the Japanese cryptocurrency trade that was beginning to pay back customers who had lost NEM tokens (XEM) following the January robbery that has seen hackers escape with more than 500 million XEM.
As CCN reported, these chips were worth $ 530 million at the time of the hacking, making it the largest cryptocurrency robbery in history, measured in USD value. Today, however, these chips are worth only $ 225 million at market prices.
However, Coincheck compensates users at JPY 88,549 per chip (~ $ 0.83) – nearly double the current exchange rate – for a total payment of about $ 415 million. Presumably, most users will use their repayments to buy NEM tokens, and – given the disparity between the repayment price and the market price – it is likely that many will increase their holdings on what they had before the piracy.
Indeed, this seems to be the case, since Zaif's XEM / JPY pair represents more than a quarter of the overall trading volume of NEM.
The trading volume of NEM rarely eclipses $ 100 million, so it is quite conceivable that the Coincheck payment could put strong upward pressure on the NEM price – if investors continue to reinvest these funds on XEM markets.
Image from Shutterstock to photo
Follow us on Telegram.