The current cryptocurrency market trend has taken a turn for the worse once again. More specifically, we see all other major cryptocurrencies in the red once again. In the case of the NEM price, things are not looking all that great as of right now. In fact, it seems the NEM price is taking a massive dump all of a sudden, resulting in a 17.58% decline over the past 24 hours. Not a positive sign, although there appears to be an explanation for this current dip.
NEM PRICE DIPS IN SPECTACULAR FASHION
It is evident the cryptocurrency markets are taking a big hit across the board once again. Almost $50bn has been wiped off the total market cap in the past few hours, even though there is no real reason behind it. In the case of the NEM price, we are now looking at a value of $0.793, which is a fair bit lower compared to the $1.18 value a few days ago. Such a sudden dip in value is partially caused by the Bitcoin price crash, but there are other factors at play as well.
More specifically, there is a rumor of how Coincheck may have been affected by a breach. A total of 600,000 NEM may have been stolen and dumped on the market, which would effectively force the NEM price to collapse. It would certainly explain the sudden 17.58% drop in price, although this is clearly not the only reason for this development. Moreover, the NEM price also dropped by 10.76% in BTC value, which is another worrisome sign.
Over the past few weeks, the NEM price has risen to spectacular values in quick succession. Few people assumed this altcoin would ever surpass $1, but it seemed to be a rather trivial matter in the end. Right now, the NEM price will have a tough time recovering in value in the near future. Especially now that all markets have turned uber bearish once again, we may be looking at a NEM price of $0.75 or lower before the day is over.
With just $98.7m in 24-hour trading volume, the demand for NEM doesn’t seem to be all that big right now. Keeping the potential Coincheck issue in mind, it seems the exchange itself hasn’t generated any significant trading volume for NEM either. It is unclear if there is any truth to the “hack” rumors at this point, though, as it seems the NEM price would have taken a big dip regardless of that particular development.
Most of the NEM trading volume originates from the Zaif exchange as of right now. With $26.243m in volume, the Japanese company is ahead of Upbit and Bittrex. Zaif is also the only non-Korean fiat currency exchange in the entire top 18 for NEM, which is pretty interesting to keep an eye on. It is evident the NEM price on Zaif is a lot lower compared to Bittrex, Poloniex, and other Western exchanges. An interesting development which may drive the NEM price down even further in the coming hours.
For the time being, it remains unclear what the future will hold for the NEM price. Depending on whether or not the Coincheck rumors are true, this may only be the beginning of a major price drop. At the same time, if Bitcoin continues to go down in value, it’s not unlikely the same result will become evident rather quickly. None of the cryptocurrency markets look overly healthy right now, but things can always turn around when people least expect it. For those willing to take a gamble, buying NEM at the current price could prove to be a rather lucrative investment.