NEM Holds Near $1, Announces Worldwide Hackaton
NEM has remained a quiet, often overseen asset on CoinMarketCap, but the recent spike in altcoin prices brought it closer to the $1 level.
NEM announced its upcoming worldwide hackaton, an event to bring developer talent to the Japanese blockchain project.
Despite the shakedown, NEM remains a robust project and managed to keep some of the price levels. In the next few days, positive news and the spread of popularity from the hackaton may boost the presence of NEM.
At the moment, the most scarce resource when it comes to cryptocurrencies are developers who understand the blockchain and can add meaningful projects to the underlying structure. Bounties, hackatons and other calls to developers may increase in 2018, as several platforms such as Stratis (STRAT) and WAVES, among others, are looking for further projects.
The NEM team has been conservative when it comes to talk of the coin's price, being wary of bubbles. NEM spiked at first from lows of $0.19 to $0.50 when the first warnings of an overheating market were heard.
And while NEM has recovered from temporary lows, some days in the past month may have caused jitters and panic-selling.
The biggest advantage of NEM is that most of its price has a direct fiat on-ramp from Japanese exchanges, and the asset is being traded against the Japanese yen, not against Bitcoin. This means a whole different risk profile, as Japanese markets may have a different logic to trading on Bittrex and Poloniex. The arrangement where the Zaif exchange controls around 30% of trading volume may offset the effect of US-based exchanges.
What is curious is that XEM started the year with a market price of $0.003, where an investment of about $3 would have been close to $1,000, bringing NEM as one of the fastest appreciating projects of 2017. And with trading volumes increasing, the market may lose its volatility and keep NEM at a whole different price range.