The world of cryptocurrencies is known for its volatility, and this week saw a surprising rise from an under-the-radar altcoin. Named after the Japanese word for “number,” NEM (XEM) saw significant gains, rising nearly 55% in just one week. The cryptocurrency, which has been largely overlooked in recent years, is making headlines due to its induction into the Global Digital Finance (GDF) industry group.
NEM was created in 2015 and has since struggled to achieve the same level of recognition as its peers, such as Bitcoin and Ethereum. However, the recent surge in trading volume has put the cryptocurrency back in the spotlight. The increase in volume is believed to be due to NEM’s addition to the GDF, a trade association that represents companies in the cryptocurrency and blockchain sector.
The GDF was formed in 2018 with the aim of fostering dialogue among regulators, lawmakers, and industry players. It has become an important voice in the cryptocurrency industry, advocating for balanced regulation and consumer protection. NEM’s admission to the group is significant, as it shows that the cryptocurrency is gaining mainstream recognition.
NEM’s rise in value this week is also due to several other factors. The first is the growth of the broader cryptocurrency market. Bitcoin has been on an upward trend, rising to over $58,000 this week, and many altcoins have followed suit. This has created a supportive environment for NEM’s price to rise.
Another factor behind NEM’s success is the growing interest in blockchain technology. NEM is built on a unique blockchain architecture, which makes it stand out in a sea of similar cryptocurrencies. Its Proof-of-Importance algorithm, which rewards users based on their activities within the network, has also made it a popular choice among investors.
NEM’s recent gains have caught the attention of cryptocurrency traders, who are always on the lookout for the next big thing. This surge in interest has resulted in increased trading volume, as investors rush to buy NEM before its price goes up even further. This has led to a price surge which has been remarkable, even by cryptocurrency standards.
However, NEM’s rise is not without its risks. Cryptocurrencies are notoriously volatile, and prices can fluctuate dramatically in a short period. Investors should be aware of this risk and should only invest money that they can afford to lose. Additionally, there are security risks associated with cryptocurrencies, as they are vulnerable to hacking and theft.
In conclusion, NEM’s rise this week is a testament to the growing interest in blockchain technology and cryptocurrency. Its addition to the GDF is a sign that the cryptocurrency is gaining mainstream recognition, which could lead to further gains in the future. However, investors should be aware of the risks associated with cryptocurrencies and should only invest money that they can afford to lose.
Polymath (POLY), an altcoin built on the Ethereum (ETH) blockchain, has defied the correction in the broader crypto markets by surging about 55% this week. The cryptocurrency rallied from a weekly low of $0.176 to a high of $0.272, dramatically outpacing the crypto markets at large.
However, POLY has given up some of its gains since posting its seven-day high on Thursday and is currently trading at $0.231, down nearly 11% in the last 24 hours.
Polymath aims to provide clients with technology to create, issue, and manage unique security tokens on their blockchain. POLY tokens fuel Polymath blockchain transactions and are used to pay for token creation, compliance checks, and network maintenance.
Recently, Polymath became a member of the Canadian Association of Alternative Strategies & Assets (CAASA), an organization that bills itself as Canada’s largest association representing the alternative investment industry. The organization has about 400 members, including projects in the crypto space.
POLY also witnessed surging trading volume recently, with CoinGecko reporting that the altcoin registered more than $14.1 million in volume on Friday, a 26.2% increase from Thursday.
Even with today’s correction, Polymath remains up more than 50% since the start of the year. Despite its gains this week and throughout 2021, the POLY token is more than 85% down from its all-time high of $1.59, which it hit all the way back in February 2018.
In conclusion, Polymath is an interesting altcoin built on the Ethereum blockchain that continues to defy the correction in the broader crypto markets. However, investors should be cautious in investing in it as it is still far from its all-time high and the cryptocurrency market is known for its volatility.
