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XEM Rises 12% And Is Among Top Performing Cryptos

XEM price on TradingView, Sept. 4, 2018.

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.

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.

Other Performers

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.

Recent articles by Marvin Dumont:

Bitcoin’s Rise Reflects Governments’ Failure To Stabilize National Currencies

ShapeShift To Require Membership Amid Regulatory Concerns

Disclaimer: The views and opinions expressed in this article belong solely to the author. Information contained herein should not be construed as investment advice.

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Marvin Dumont is former editor at and American Express. His byline appears on Fox News, Forbes, The Huffington Post and other outlets. Marvin began his career in corporate finance and audit. He earned MPA, BBA and BA degrees from the University of Texas at Austin.