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The Nervos Network (CKB) saw a huge jump in its price on Friday, September 13, reaching $0.018—the highest it’s been since June 7. This impressive surge made CKB one of the best-performing cryptocurrencies of the day, catching the attention of investors and traders alike. Let's take a closer look at what might be driving this rapid rise in this Nervos Network price prediction article.
How has the Nervos Network (CKB) Price Moved Recently?
The current price of Nervos Network (CKB) is $0.014187, with a 24-hour trading volume of $2.59 billion. Its market cap stands at $627.58 million, giving it a market dominance of 0.03%. In the past 24 hours, the CKB price has risen by 38.83%.
Nervos Network hit its all-time high of $0.043906 on March 31, 2021, and its lowest price was recorded on December 22, 2022, at $0.002222. Since its all-time high, the lowest price point has been $0.002222, while the highest since then was $0.037207. The price outlook for CKB remains positive, with a bullish sentiment, and the Fear & Greed Index currently sits at a neutral score of 50.
There are 44.24 billion CKB tokens in circulation, with a yearly inflation rate of 4.84%, meaning 2.04 billion new CKB were created over the past year.
Why is the Nervos Network (CKB) Price Rising?
The recent surge in Nervos Network (CKB) price can largely be attributed to its listing on the popular South Korean exchange Upbit. This listing has opened the doors for traders to buy CKB using U.S. dollars, South Korean won, or Tether (USDT), significantly increasing demand.
According to CoinMarketCap, South Korean traders were particularly active, pushing up the token’s value, with the CKB/KRW trading pair alone accounting for over $170 million in 24-hour trading volume. Binance followed closely with $122 million, highlighting the global interest in CKB.
Historically, cryptocurrency prices often experience sharp increases after being listed on major exchanges like Upbit. The ease of access to the token typically leads to a rush of investor enthusiasm, driving up prices in the short term.
However, this surge could be temporary. Once the initial hype from the listing fades, it’s possible the price will experience a pullback, as has been seen with other cryptocurrencies following major exchange listings. Therefore, while CKB is currently riding a wave of momentum, investors should remain cautious about potential price corrections.
How high can Nervos Network (CKB) Price go?
Nervos Network (CKB) has shown remarkable growth over the past year, with its price surging by 415%, significantly outperforming 89% of the top 100 cryptocurrencies, including major assets like Bitcoin and Ethereum. This impressive performance is a positive indicator that CKB has strong upward momentum.
The fact that it is currently trading above its 200-day simple moving average (SMA) signals a sustained bullish trend, as assets above this level are often seen as having more potential for continued gains. Additionally, CKB's 15 green days in the last 30 days (50%) suggest a stable upward movement in recent trading sessions.
Despite being down 68% from its all-time high, the token still maintains high liquidity, which provides the necessary market depth to absorb large trades without significant price fluctuations.
This liquidity, along with the current bullish sentiment, creates an environment where the price could continue to rise. However, with an annual inflation rate of 4.84%, the creation of new CKB tokens could slightly dampen long-term growth by increasing the supply.
Given these factors, Nervos Network’s price has the potential to retest higher levels, though breaking past its previous all-time high of $0.043906 might take sustained market interest and further developments.
In the near term, a price target of $0.02–$0.03 seems achievable, especially if the bullish sentiment persists. However, any pullback in market enthusiasm or macroeconomic shifts could introduce volatility and limit upside potential.