NEM (XEM) is the biggest loser among cryptocurrencies on Tuesday in a volatile cryptocurrency market. The selling pressure has been increasing since the beginning of the week. However, the significant slide in prices took place on Wednesday and part of the trading session on Thursday. NEM had been on an upside roll since the start of the week following the hype after Coincheck started reimbursing the investors who lost funds during the hack attack in January 2018.
The coin experienced a 44% increase in value on Wednesday and even made its way into the top ten cryptocurrencies by market capitalization. The pressure in the market cancelled the positive impact due to the hype surrounding Coincheck which saw NEM lose up to 35% of its value. This move was a negative sign for XEM as it closed the trading session as the worst performer among the top 50 cryptocurrencies.
The platform, NEM.io was launched in March 2015. NEM (XEM) blockchain was created to bring to the crypto industry-leading transaction rates for internal ledgers. The technology can give authority for more than one participant to be listed as a signatory. Consequently, it will require all or some of these participants to approve payments before the transactions are confirmed.
Currently, NEM using its NEM blockchain is working with organizations to help them integrate their products on the NEM platform. Furthermore, it goes an extra mile to raise funds for these organisations. For instance, the newly signed Digital2Go Media Networks, Inc. (D2GO), a location core platform is intending to incorporate NEM blockchain into its system. The platform has already utilised the NEM foundation to collect $1.8 million XEM to fund the project. Besides, this is not the only firm using the NEM platform, other companies on the platform include Alamo Cars among others.
NEM has been through the highs and the lows this year. XEM trading at highs of $2.09 in January 2018 and lows of $0.2831 traded on March 8. XEM briefly made into the top ten cryptocurrencies bracket. However, the instability in the market led to the massive drop in price. XEM is now the 12th crypto my market capitalisation.
Cryptocurrency Market Overview
The cryptocurrency market has experienced high fluctuations since the beginning of the year. Most of the cryptocurrencies rose to record all-time highs in December 2017 XEM included. However, the first three months have been nothing but a bumpy ride for digital assets with most of them depreciating more than 50% of their value.
Some of the factors fueling the price falls include the uncertainty that is brought about by cryptocurrency regulation from various parts of the world for example from countries like China, South Korea, India, United States, Japan among others. Speculation is also a factor that affects the cryptocurrency prices. Security concerns have also been on the rise; NEM was the worst hit when Coincheck was hacked in January. More than 260,000 XEM customers lost their XEM holdings totalling $534 million.
NEM (XEM) has been tried through the rough and the smooth. The NEM community believes that the current challenges are only temporary and like the rest of the cryptocurrencies, it is poised for tremendous growth through continuous innovation.