NEM Price Growth: Slowly but Surely
The most common names that investors will hear when they ask about cryptocurrencies are Bitcoin, Ethereum, and Ripple—the biggest virtual currencies according to number of users. What these businessmen may not know is that a lesser-known altcoin called NEM is gaining the favor of users because of its price. This currency started in April 2015 with a value of US$0.0002 and had already reached US$0.76 toward the end of February 2018. NEM price might not have significant increases per day, but its consistent upward movement means good news to its users.
NEM is a blockchain platform that uses XEM as its currency. What makes users interested in this platform is that if Bitcoin users are mining to get Bitcoin, NEM users are harvesting XEM. This means that blocks are generated, but instead of being rewarded with newly issued coins, miners earn transaction fees.
Unlike Bitcoin and Ethereum, NEM can hold large amounts of data. The platform also has security features that make it harder for hackers to access the system. With these features, there is a possibility for users to switch to NEM which can result in an increase in its price.
Price Comparison: NEM vs Ethereum
Just like Ethereum, NEM was treated differently when it launched. When NEM was released, businessmen wondered if it would be the new Ethereum since both focus on creating secured applications for developers. Find out which coin is worth investing in.
Ethereum provides a wider range of decentralized apps, while NEM gives faster and safer transactions. Ethereum is successful because of its flexibility, while NEM is known because of its scalability. Both networks provide users convenient transactions, but in terms of price, Ethereum is worth more than NEM. The price of Ethereum in February 2018 was already US$900, far from NEM’s price which was US$0.76 in the same month and year. This is largely because the former has a lot more users than the latter.
While Ethereum flaunts that its highest price since launch until February 2018 was US$1,397, NEM records its highest at US$1.84 since its launch until February of 2018. Despite the huge price difference, NEM struggles to catch up with Ethereum.
3 Factors that Affect the Price of NEM
There are factors that can cause a crypto coin’s price to go up or fall. Find out how these factors help the price of NEM increase:
- Stability of the network
One of the key elements that have helped the increase in the price of NEM is its stability. Local and international users are sure that the NEM network is stable because of its secure system, Supernode program, and low transaction fees. Ever since its release, the platform has never disappointed the users.
- Supply and demand
Applying the Law of Supply and Demand, the price of NEM was low before because the supply is greater than the demand. But now, the price of NEM increases as the demand for it goes higher. If the demand for NEM continues to go up, the price can match those of popular crypto coins.
- Mass acceptance
The best way a crypto coin will gain exposure is through Bitcoin exchanges. When a popular exchange supports NEM, the altcoin has a chance to catch the attention of more crypto users and companies dealing in digital assets. Right now, well-known exchanges like Zaif, Bittrex, and Poloniex, among others are supporting NEM.
The possibility of the NEM price to increase more in the future is attainable as long as these three factors go in favor of NEM. And now that more users are investing in NEM, crypto experts can see a bright future ahead of this coin.
NEM Price Predictions: What Experts Say
It has always been a slow and steady ride for NEM’s value. In fact, it took two years just for its price to reach US$1 from its starting price of US$0.0002. Still, the coin persists and its slow upward price movement did not stop NEM users from investing in the altcoin.
With the improvements of the NEM price, analysists are saying that the altcoin can move its rank to the top 5 list of cryptocurrencies. The altcoin proved its security features to be better compared with other altcoins, especially now that there are more hacking incidents with popular altcoins like Ethereum, which is why more investors are moving to NEM. Also, experts are saying that NEM is the crypto coin that can provide users with a decent upside.
More so, NEM is going to be the first blockchain to release a national currency in Venezuela called Petro. This could mean more users and investors for NEM. In addition, the developers behind NEM will do more system optimization in 2018. This adds excitement and anticipation for the blockchain community. Now that NEM is catching up with its fellow altcoins, users should invest in this altcoin now.