NEM (XEM) Price Analysis: NEM’s Market on a Passive Development

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NEM is a double layered blockchain written in the most common programming language, JAVA, code built from scratch. The dual layer – the first, the cryptocurrency layer, the mainnet supports multiple ledgers on this layer and the second, Smart Assets layer supports mosaics to exhibit any stored value or data. NEM’s cryptocurrency is denoted by XEM which runs in the basis of Proof-of-Importance consensus algorithm. It’s architecture consist of – the NEM Infrastructure server and a client- used for interacting with the nodes. NEM’s main objective is to create an advanced blockchain technology that reduces the net requirement of energy for payments and transactions. It also made the whole process simpler by eradicating mining, because no advanced machine is required for its functioning.

Current Market

NEM has a market capitalization of USD 632,819,261, and each token can be purchased for 0.070313 USD on April 05 at 14:59 UTC. Based on the stats, NEM is the 20th largest cryptocurrency in the market and has a circulating supply of 8,999,999,999 XEM coins. The 24-hour pricing movement indicates that $32,780,531 worth of XEM was trading. The return on investment is estimated by Coinmarketcap to be above 9000%.

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NEM (XEM) Price Chart & News

Market Analysis

Nem’s market capitalization crossed a high of USD 600 million at the beginning of 2019. The market capsized, and the values hit rock bottom on February 06 with its Mcap trading at USD 310,041,481 with the trading price of 0.034449 USD per token. The values purged a massive 48.33%. The volatility of the currency affects the market drastically with consequent variations. The coin’s market cap value reached its all-time high of USD 689,886,694 with its price trading at 0.076654 USD on April 03 at 09:34 UTC. The current values are a minor shortcoming from its peak values.

Price Predictions for XEM

The volatility of the cryptocurrency affects price predictions. Coinswitch forecasts that the price of XEM is going to be on an uptrend for a minimum five year time period. The gradual increase in price, as predicted by the analyst, shows an increase to 0.448 USD in 2020, 1.016 USD in 2022 and 1.242 USD by the end of 2024. Technical analysts from cryptoground also believe that the future holds good for XEM. They predict the price to reach 0.1691 USD by 2020, with a hike of 138.36% and a further increase to 1.4173 USD by 2024 with a massive hike of 1897.52%.

Conclusion

The present market has been under bullish pressure with an increase in values concerning MCAP value and its corresponding trading price. Both investors and traders should make use of the current trend to gain higher profits from the cryptocurrency. The predictions give hope for a long beneficial future.

Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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