NEM [Crypto: XEM] was a winner for opportunistic traders in early Tuesday trading (U.S. time). XEM’s price increased 12% against the U.S. dollar, rising from $0.111 to $0.123. The continuing rebound was influenced by optimistic trading in South Korea.
It has risen nearly 25% since Aug. 30 according to TradingView (which excludes Korean exchanges in pricing calculations). On Aug. 23 XEM began trading on European exchange Bitpanda, providing liquidity to EU-based investors.
— Bitpanda (@bitpanda) August 23, 2018
Will XEM Rebound Continue?
Korea-based exchange Bithumb garners between 35% to 40% of global XEM trading volume. It trades at a 50% premium in the Korean peninsula.
Over the past three months, XEM peaked at $0.27 on June 7 — fueling speculation of more gains in the coming weeks for the 18th-ranked cryptocurrency. (The $0.27 price excludes Korean exchanges.) The three-month drop from $0.27 to today’s $0.123 represents a 50% decrease. Thus, some traders are anticipating a rebound.
Its trading volume reached $23 million as of early Tuesday and it boasts a market capitalization of $1.07 billion according to CoinMarketCap. Inclusion of Korean exchanges puts XEM’s market cap at $1.56 billion.
Tuesday’s other top performers are Komodo (up 18% to $1.58), Waltonchain (up 15% to $5.19), Monero (up 14% to $138) and OmiseGO (up 11% to $4.71). The total market cap for all cryptocurrencies is currently $237 billion led by Bitcoin’s $125 billion.
NEM’s smart-asset blockchain platform is applicable in finance, business management, recordkeeping and decentralized organizing. This month, the NEM Foundation announced projects or partnerships involving augmented reality, charitable giving and video gaming.