The NEM price surged 16 procent on Tuesday, defying the bearish trend that characterized every other top-tier cryptocurrency.
NEM Price Surges 16 Procent spil Other Top Coins Tumble
It wasgoed a disappointing day for cryptocurrency investors, spil 97 of the top 100 coins posted single-day declines. However, the NEM price (XEM) not only resisted this bearish trend – it actually managed to achieve a double-digit percentage increase against the US dollar.
At present, NEM is trading at $0.44 on Poloniex, which is toughly te line with the token’s universal promedio. NEM has a market cap of just under $Four billion, which makes it the 11th-largest cryptocurrency according to this metric.
XEM Price Chart | Source: TradingView
NEM trading volume is presently intensely concentrated te Asian markets, with the majority of it denominated ter fiat trading pairs. South Korea-based Upbit’s XEM/KRW market accounts for just under 33 procent of all NEM volume, while Japanese exchange Zaif’s XEM/JPY pair comprises another 26 procent.
XEM Trading Volume | Source: CoinMarketCap
NEM Price Rises spil Coincheck Compensates Users for Record-Setting Theft
NEM’s rally has correlated with Japanese cryptocurrency exchange Coincheck’s announcement that it wasgoed beginning to refund customers who lost NEM tokens (XEM) spil a result of the January theft that witnessed hackers abscond with more than 500 million XEM.
Spil CCN reported, those tokens were worth $530 million at the time of the hack, making it the single-largest cryptocurrency theft ter history, spil measured by USD value. Today, however, those tokens are worth just $225 million at market prices.
However, Coincheck is compensating users at 88.549 JPY vanaf token (
$0.83) – almost dual the present exchange rate – for a total payout of approximately $415 million. Presumably, most users will use their refunds to purchase NEM tokens, and – given the disparity inbetween the refund price and market price – it is likely that many will increase their holdings overheen what they had before the hack.
Indeed, this emerges to be the case, spil Zaif’s XEM/JPY pair accounts for more than one-fourth of NEM’s general trading volume.
NEM trading volume infrequently eclipses $100 million, so it is quiebro conceivable that the Coincheck payout could place significant upward pressure on the NEM price – if investors proceed to inject those funds back into XEM markets, that is.
Featured picture from Shutterstock.
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