Similar to most other cryptocurrencies, it has been a rather interesting week for the Nano cryptocurrency. After successfully rebranding from Raiblocks to Nano, the currency has seen some solid momentum. Due to the recent “hack’ of BitGrail, however, the Nano price took a major hit. it now seems most of these losses have been recovered in quick succession There is still a lot of market volatility to contend with, but things look pretty good for now.
CAN THE NANO PRICE HIT $10 TODAY?
After the drop from $12 to $8.5, a lot of people were unsure as to what to expect from the Nano price moving forward. It is evident volatility reigns supreme in the cryptocurrency world, even though it has hardly been as intensive as the past few weeks. With all currencies taking a major nose dive followed by a major bounce, it is virtually impossible to make any sense of this industry right now.
As for the Nano price, it seems some relief is on the horizon. Thanks to solid overnight gains in both the USD and BTC ratio, we are now looking at a Nano price of nearly $9.5 again. If this trend continues, that value may very well hit $10 before the day is over, even though it’s not unlikely profit-takers will drive the price down a bit in the next hour or two. For now, it’s always best to take profits before the market turns sour again.
Thanks to a solid 14.68% gain in USD value, things are looking pretty good for the Nano price right now. We also see a nice uptrend in the XRB/BTC ratio, resulting in a 13.13% gain in favor of the altcoin. It is important for altcoins to make up lost ground against Bitcoin as well, as the market momentum will turn bearish once the Bitcoin price train loses some of its steam. By the current look of things, that can happen a lot sooner than people may anticipate.
With $59.476m in 24-hour trading volume, things are not looking all that impressive for Nano, even though it’s not as horrible as some people might expect. To be more specific, all alternative currencies have seen their trading volume decline in the past few days, and it seems Nano is no exception in this regard whatsoever. For now, the volume is pretty solid, but things can always turn around pretty quickly.
Most of the XRB trading volume comes from the Binance exchange as of right now. With its BTC and ETH pair, Binance is dominating the landscape as we speak. Their BNB pair is also in the top five, separated by Kucoin’s BTC and ET markets. Once again, we see no fiat currency markets for Nano, but that’s not preventing this market form succeeding in the past. Rest assured a fiat currency market would send the Nano price to new heights fairly quickly, at least for a few days.
For the time being, it remains to be seen what the future holds for the Nano price. With these current gains in place, things will get very interesting, deepening on how most speculators respond to this development. After all, a lot of people will see a 14% profit, cash out their Nano, and move on to the next exchange. Those who buy in right now may still effectively make a nice profit, though, as there’s a real chance the Nano price will surpass $10 or even $11 later today.