NEM Leads Crypto Market Rebound with 10% Gain
NEM’s price leapfrogged its counterparts on Tuesday, as momentum returned to the 16th largest cryptocurrency following a series of notable partnerships announced in recent months.
NEM’s native XEM currency jumped 10.1% on Tuesday to $0.0814, its highest in five days. With the gain, XEM was the second-best performing cryptocurrency in the top-20. Only Binance Coin (BNB) registered bigger gains in percentage terms.
Trade volumes have nearly doubled in the last 24 hours, reaching $15.4 million USD, according to CoinMarketCap. The lesser known Exrates exchange was by far the largest market, processing more than a third of the daily turnover via XEM/BTC. The XEM/BTC exchange rate rose 7.1% to 0.00002009.
Other notable markets for XEM trading were Zaif and Binance, which processed 12% and 11% of the daily volumes, respectively.
At current values, the NEM blockchain is valued at $733.1 million, according to CoinMarketCap.
NEM, like other cryptocurrencies, registered steep losses during the month of November. However, the downshift was much more contained relative to bitcoin and the leading altcoins. Whereas BTC shed more than a third of its value last month, XEM fell just 16%. That being said, the damage in the XEM price may have already been done months ago. Peak-to-trough, the cryptocurrency lost a whopping 97%.
The NEM blockchain has secured a number of high-profile partnerships recently, setting the stage for much wider adoption of the protocol. NEM, which stands for New Economy Model, is designed to achieve “industry-leading transaction rates for internal ledgers.” This mandate makes NEM an attractive bet for enterprise adoption of both public and private blockchain architecture.
These advantages were recently on display when NEM announced a new partnership with the United Arab Emirates’ Ministry of Community Development. The partnership is intended to help Dubai specifically achieve a “fully-digital government by 2021,” and become the world’s “first blockchain-powered city by 2020.”
NEM has also entered into an agreement with KeySafeBank, a Singapore-based digital asset custodian. NEM’s technology will be used to power the custody platform, which is designed to keep cryptocurrencies securely stored.
Alexandra Tinsman, the head of NEM North America, recently told a technology forum in Taipei that a blockchain application boom was expected in the next five years despite regulatory bottlenecks. NEM is positioning itself to capitalize on some of the major blockchain themes expected to emerge in the coming years, including decentralized exchanges, decentralized voting systems and micropayments, among others.
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.
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