NEM cryptocoin grows +21%

NEM, a cryptocurrency invented in 2015 by BitcoinTalk forum users to have something that will respond to the needs of blockchain community, has dramatically grown in price in the last 24 hours. Financial analyst from FxPro Alexander Kuptsikevich tells about +21%, while at the press time, the number on Coinmarketcap is lower, +15%. This might be explained by the fact that Coinmarketcap counts the 24-hour change in real time and thus the number decreased by now.

The main reason of this growth which looks anomalous considering the overall bearish sentiment on the market today is explained by… Coincheck. The cryptocurrency exchange losses were mainly in this cryptocurrency and yesterday it started to pay first compensations at a price that existed during the hack - and $0.83 is higher than current $0.4 even after the aforementioned price jump.

One can deduce that this indirect price pump by Coincheck will last as long as the huge sums of compensation are being paid. This means that after this pump ends, the price might become lower. Any NEM investor should take this into consideration. As a reminder, Bitnewstoday does not encourage investing in any particular digital currency or token.