CV Market Watch™: NEM Follows Strong Altcoin Trend to Reach $2
NEM, the Japanese platform, is gaining speed and the price is moving up in leaps, as a crop of projects are stealing the attention from Bitcoin.
NEM, the Japanese blockchain platform, has gained prominence and has also de-coupled from the pressures of Bitcoin. As its price was locked into a low range of $0.20 to $0.40, the recent interest pushed the bidding for XEM to as much as $2.
XEM is rising on a mix of increased optimism for blockchain technologies, and its price has held above $1.80 even after some retreat. In weeks past, the NEM team warned investors of volatility as XEM rose above $0.50, but the bidding upward continued.
XEM climbed gradually, and then spiked suddenly, as with other currently low-priced assets. Now, the NEM project will also have to prove its worth with real-world blockchain applications. Its market price has lagged behind NEO, a similar platform, but predictions for 2018 see XEM remaining as a leading asset and displacing the order in the top 10 on CoinMarketCap.
NEM is also trying to solve one of the biggest issues of blockchain startups- the presence of enough developer talent. Currently, the NEM project is inviting developers in its global Hackathon event.
The submission for app ideas for this year's NEM Global Hackathon has officially ended on January 1, 2018 at 17H00 (GMT+8).— NEM (@NEMofficial) January 1, 2018
We got a total of 143 entries! All qualifiers to the 4-week hackathon proper will be notified via email on or before January 7, 2018. Good luck! 🚀😉 pic.twitter.com/pmWYDocqa8
In addition, NEM is already inviting blockchain projects using its platform, and organizing token sales.
#Xarcade is a #NEM powered video game platform. Now on its #DSO. Get your tokens 20% off!— NEM (@NEMofficial) January 1, 2018
For queries, please contact https://t.co/fnaP0qDyoG#videogames #gamers #gamedevelopers #blockchain #cryptocurrency pic.twitter.com/yOwMhhuPRb
The Future of NEM
In 2018, the XEM digital asset may see a trajectory similar to Ethereum, provided an ecosystem is built around the NEM network. Just as Ethereum rose from lows of $8 at the beginning of last year, so the current levels of XEM may rise, depending on community development.
At the moment, XEM is still low-priced enough to easily achieve speculative pumps, and may see retreats and lower prices. The highest XEM price is on Zaif, the Japanese exchange where the coin is now going through a rapid price-discovery period, and currently trades at $1.99. Direct trading against fiat means a coin can see independent bidding, uncoupled from the price of Bitcoin. In such cases, assets like MONA Coin have risen rapidly, boosted by retail investors from Japan.