Factors Responsible for the Recent Performance of NEM

NEM is one of the oldest blockchains in the crypto space. The native token of the NEM blockchain is XEM. It was launched in March 2015. NEM just like Bitcoin facilities peer to peer transactions but uses the Proof of Importance consensus mechanism. In the past 7 days, the price of XEM attained a 7 days low price of $0.03739 and is presently trading at $0.06173 at the time of writing. This is representing a 65.1% increase within 7 days. This gives a good return in short duration to investors who bought at such a low price. It is ranked in the 88th position in the CoinMarketCap ranking of cryptocurrencies. Some of the factors that are responsible for this recent surge in the price of NEM (XEM) are: Increased interest in peer to peer transactions One of the reasons for the creation of the NEM blockchain is to facilitate peer to peer cryptocurrency transactions. With the unstable positions of government on cryptocurrency and the very low transaction fees on XEM transactions, traders are inclined to trade with XEM instead of Bitcoin so as to save cost. This has led to its recent increase in price. Increased trading volume The trading volume of NEM native token XEM increased in the past 7 days. It moved from about $16.08 million on May 7th, 2022 to $51.66 million on May 14th, 2022. This represents over 221% increase in the volume of trade in the past 7 days. Since the increase in trading volume can impact positively on the price of ...