It seems the rather negative trend will continue to affect all cryptocurrency markets for today. None of the top 30 markets are in the green right now, even though the losses fluctuate wildly. It is somewhat surprising to see the NEM price struggle so much compared to other currencies. With a value of $0.53, things aren’t looking all that bad for the NEM price, though.
NEM PRICE DRAWS THE SHORT STRAW
When the Bitcoin price is down by less than half a percent over 24 hours, one would expect altcoins to note similar results. Unsurprisingly, that is not always the case, depending on which currency you are looking at. A decline in TBC value often means losses in the BTC ratio for altcoins. The NEM price is a great example of this odd trend, as this altcoin loses ground in both USD and BTC value over the past 24 hours.
More specifically, the NEM price has dipped from $0.6 all the way to $0.53 over the past 24 hours. Such big dips are not uncommon in the cryptocurrency world, yet it goes to show the markets are extremely volatile on Sunday. This particular momentum has been rather apparent virtually every Sunday this year, and it seems that situation will not change in the near future. For speculators, it is a positive development, but the rest of the world may think otherwise.
With an 8.79% decline over the past 24 hours, the NEM price faces a steep uphill climb to get back in the green. Unfortunately, the currency also loses nearly 8% against Bitcoin itself, which explains why this currency is getting battered as of right now. It is unclear where this negative pressure comes from all of a sudden, as there is no real reason for it.
Moreover, the NEM trading volume over the past 24 hours doesn’t look all that appealing either. While $93.37m is not all that bad for a Sunday, one has to keep in mind NEM was a top 10 cryptocurrency not that long ago. The way things look right now, the coin may slip to thirteenth place before the day is over, which is anything but positive. At the same time, this healthy retrace was direly needed after the spectacular gains throughout the second half of 2017.
To make matters even more worrisome for NEM, nearly half of its trading volume comes from Upbit’s KRW trading pair. Since this pair can only be accessed by Korean and has no real impact on the rest of the world, it seems interest in NEM is rather low. Huobi and Bittrex complete the top three with their BTC trading markets respectively. There is only one non-Won fiat currency pair in the entire top 17, which is Zaif’s XEM/JPY market.
For the time being, it seems the NEM price may continue to decline a bit until tomorrow. Even then, this negative momentum may very well continue, depending on how the Bitcoin price will evolve next week. A positive or negative Bitcoin price change will not be good for the NEM/BTC ratio, unfortunately, although it is possible things may turn out to be far less bleak than one would expect. An interesting market to keep an eye on for those who like a gamble.