It becomes increasingly difficult to look at cryptocurrency price charts without cringing. The current market sentiment is a lot more bearish than we have seen in recent years. All of this will only lead to more losses across all markets in the coming hours and days. The NEM price, for example, has gotten battered quite a bit over the past few days already. This momentum has only intensified over the past 24 hours, resulting in another NEM price decline of 35.2%. Sooner or later, the bleeding will stop, but it won’t be today. NEM Price is Going Under It is
It becomes increasingly difficult to look at cryptocurrency price charts without cringing. The current market sentiment is a lot more bearish than we have seen in recent years. All of this will only lead to more losses across all markets in the coming hours and days. The NEM price, for example, has gotten battered quite a bit over the past few days already. This momentum has only intensified over the past 24 hours, resulting in another NEM price decline of 35.2%. Sooner or later, the bleeding will stop, but it won’t be today.
NEM Price is Going Under
It is only normal all cryptocurrencies are on the decline while Bitcoin is struggling badly to remain above $7,900. Few people had expected this price to dip so badly, but it is evident there is a growing bearish sentiment which will effectively keep all values down for some time to come. The NEM price is a great example of how virtually all gains over the past two months have now been wiped out in about three days. The NEM price has returned to $0.45, which is almost on par with is value on December 12th.
With all of the gains wiped out in quick succession, it is difficult to envision a bright future for NEM. Even though the NEM price surpassed $2 less than a month ago, most people have already forgotten that ever happened. It is difficult to fault them in this regard, as the current negative sentiment will only lead to short-term tunnel vision. It’s virtually impossible to see any positive sign, especially where the NEM price is concerned right now.
Do keep in mind the markets will eventually reverse once again. Major market dips are nothing unique in the world of cryptocurrency. We simply had too much growth in 2017 and are now paying the price for people’s greed and FOMO. It is logical the NEM price will surpass $1 again at some point, but no one knows whether or not that will be this year or the next. Things tend to change quickly in the world of cryptocurrency, and the NEM price will be no exception to this unwritten rule.
With $43.23m in 24-hour volume, it is evident people are only focusing on NEM to sell their coins sooner rather than later. It is unfortunate how a lot of traders only look for short-term gains or loss reduction, rather than seeing the bigger picture. There is plenty of room for future profits as far as the NEM price is concerned. When all markets recover again, 2018 could easily become an even more bullish year compared to 2017. When that happens, all trading volumes will pick up again.
As of right now, Zaif is still the largest NEM market ranked by trading volume. They generate over 42.5% of all trades across different markets. Bittrex and Poloniex complete the top three, which only confirms how people are effectively selling NEM to gain more Bitcoin in the process. It is a common trading tactic, as altcoins only exist to increase people’s BTC holdings first and foremost. Unfortunately, it seems most people outside of Japan look at NEM in a similar manner.
It is unclear what the future will hold for all cryptocurrencies. We may very well witness some spectacular gains in the blink of an eye when we least expect. All it takes is a 10% Bitcoin price nudge to send altcoins up by 20-40% again. Money comes and goes in the cryptocurrency world, but we will have to reach a bottom at some point. Assuming this is a slow as the prices will go, the weekend ahead may prove to be rather exciting for many different reasons.