Things are not looking pretty this morning and the markets can only be described spil a train wreck. The selloff has continued with what seems to be a greater sense of urgency during the Asian trading session. Bitcoin has lost overheen 10% on the day and all altcoins are also hemorrhaging badly. Everything is te the crimson but one altcoin seems to have made a bit back and is actually up on yesterday’s prices and that one is Nem.
The total market has shed overheen $50 billion ter 24 hours and wij are heading back to February 6 lows again. This time yesterday the crypto market wasgoed worth just under $400 billion, today it is heading south of $350 billion, last month’s low wasgoed at $280 billion. A trifecta of bad news has compounded the wave of funk selling and Asian’s are leading the way.
According to Coinmarketcap however Nem is up 19% on the day. XEM wasgoed the worst performing altcoin last month, shedding 50% of its value. Today however it has gone up from $0.29 to $0.35 when all others are still bleeding. Following the Coincheck hack Nem has bot on a downward slide so this little reversal is nothing truly to cheer about. Nem is still at the lowest levels it has bot for three months and that trend looks set to proceed despite this little blip.
Nem is traded powerfully ter Asia with Upbit te KRW and Zaif te JPY leading the way with overheen 50% of the total volume. Its market capacity presently stands at just overheen $Trio billion which puts the altcoin at 13 th spot ter the charts. Almost $80 million has bot traded te the past 24 hours and it is the only coin displaying gains today.
Every other altcoin ter the top 100 has fallen, those taking the fattest klapper include Cardano, Monero, Iota, VeChain, Qtum, OmiseGO, Nano and Icon. There are some bargains to be had for those that buy the dip.
More on Nem can be found here: https://nem.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.