The markets just cannot gain any momentum at the moment and after a brief and short-lived rally yesterday they are mostly back in the red today. Bitcoin failed to break resistance at $10k and has fallen back closer to $9k. Altcoins have, as usual, slumped with it losing most of their gains over the past two days. There is only one cryptocurrency in the green during this morning’s Asian trading session and that is Nem.
Coinmarketcap reports XEM trading 20% higher on the day. Last month was a bad one for this cryptocurrency as it lost over 50% of its value and was the worst performer in the top 25. Nem is showing some recovery now though and is trading at $0.42 up from $0.34 this time yesterday. In terms of BTC it is performing even better, up 26% to 4648 satoshis from 3676 sats the same time yesterday. Over the week XEM has done extremely well against BTC climbing by 50% from 3070 sats this time last Tuesday.
The Nem Foundation just posted an official statement regarding the Coincheck hack on their Twitter feed in which the president Lon Wong said;
“The XEM trading exchange has had a wake-up call to double-check security measures and deploy all necessary security mechanisms moving forward. Together, we can continue to create a robust ecosystem for the future.”
South Korea has led the way with XEM trading in KRW at 30% of the daily volume on Upbit. Japanese traders are close behind on 26% in JPY at the Zaif exchange. Trade volume over the past 24 hours has been $116 million and Nem has a market capacity of $3.8 billion putting it at 12th place in the charts.
All other altcoins in the top 25 are falling this morning with the exception of Cardano which is up 1.6% and VeChain up 7%. Populous is also performing well with a 17% rise on the day.
More on Nem can be found here: http://nem.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.