Nano Cryptocurrency Crosses $2 Billion Valuation Mark Following Double-Digit Gains
Nano climbed to more than three-week highs Tuesday, as the cryptocurrency’s total market value clawed back above the $2 billion mark. The coin’s market cap briefly traded above that level on Saturday, but the rally was short-lived as a broad correction dragged prices lower at the start of the week.
Nano Price Levels
The Nano token rose by as much as 21% on Tuesday, reaching a session high of $16.25. It would later halve those gains to settle at $15.53. That represents a gain of 12.7%.
At current prices, Nano’s total market cap is worth nearly $2.1 billion, placing it 21st among active cryptocurrencies. The coin briefly traded within the top-20 on Tuesday with a market cap of nearly $2.2 billion.
Nano’s broad was associated with a sharp rise in trading volume, with daily turnover reaching $163.6 million. That’s a gain of more than 11% over 24 hours and a four-fold increase over last week.
Binance is the predominant market maker for Nano tokens. The digital currency exchange processed more than 93% of Nano’s daily trade volumes against bitcoin and Ethereum.
When evaluated against other cryptocurrencies, Nano was a clear winner on Tuesday. At the time of writing, the total market cap for all cryptocurrencies was up just 1% after climbing as much as 2.2% earlier.
BitGrail Fallout Leaves Its Mark
Nano’s latest revival comes after a series bout of volatility triggered by a $170 million theft of digital tokens on the BitGrail exchange. The heist exposed 17 million Nano tokens when they were valued at roughly $10 per coin.
BitGrail notified authorities of the alleged hack, but its story has not passed the scrutiny of cryptocurrency traders who have long been critical of the Italian exchange. As Hacked reported two weeks ago, BitGrail founder Francesco Firano approached Nano developers with a request that they fork their record. This unusual request was made after the alleged hack.
In response, the Nano team issued the following statement:
“We now have sufficient reason to believe that Firano has been misleading the Nano Core Team and the community regarding the solvency of the BitGrail exchange for a significant period of time.”
Nano was previously marketed as RaiBlocks (XRB) before undergoing a name change at the start of 2018. The platform promises investors no fees, instant transactions and limitless scalability. However, as CCN reports, users have reported many issues with the platform, such as accessing funds.
Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock.