NEM, which stands for New Economy Movement, is among one of the biggest names when it comes to the world of cryptocurrencies. 1st of April marks three years since NEM debuted into the cryptocurrency markets. The currency's journey has been a rather impressive one as it has been a long way for NEM to reach the top-10 cryptocurrencies list. However, it has since held on to it. The past few weeks have been rough for cryptocurrency markets at large and NEM too, is feeling the effects of it.
Over the past 24 hours, NEM price fell from $0.222 at the beginning of the day to a low of $0.211 at the end of the day. This fall of 5% resulted in NEM's market cap falling from $2 Billion to $1.9 Billion. The lowest point of the day came when the market cap crashed to $1.88 Billion with the price of the currency dropping to $0.20.
The 7-day trade period was also quite disheartening as the price of NEM fell from $0.311 to $0.211 – a fall of almost 33% (1/3rd the total price of the currency!). The market cap too, dropped from $2.8 Billion to $1.9 Billion – a $900 Million loss in a week for NEM. The impact of this drop was clearly visible on the NEM price which collapsed by a third of its value!
However, while things may not be looking good for NEM right now, it appears that a recovery is on the way. With NEM prices at such a low point, this is going to attract a number of bullish investors who are all set to invest heavily in various cryptocurrencies. NEM price has shown an immense potential for growth in the past few months and it appears that this bull-driven recovery would help the currency recover.
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