Nextcoin: Yet Another Alt Coin Doubles in Value this Weekend
Nextcoin (NXT) joins Dogecoin in the club of micro-denominated altcoins who have doubled in value this weekend. NXT is up
Nextcoin (NXT) joins Dogecoin in the club of micro-denominated altcoins who have doubled in value this weekend. NXT is up by more than 50% today. At its peak of 70 μBTC (6.4¢), it had more than doubled in value since hitting a low near 35 μBTC (3.2¢) on Friday, based on data from DGEX. It recently came off its highs and is trading at 60 μBTC (5.5¢).
NXT had previously been trading near the 45 μBTC (4.1¢) mark for much of last week and was even in steady decline before hitting its low and subsequent spike.
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According to the website nextcoin.org, the cryptocurrency is technically not an “alt coin” because its code is not adapted from Bitcoin’s. It is also unique in employing a 100% proof-of-stake mechanism, a rarity of cryptocurrencies. Peercoin, by comparison, employs a hybrid model.
Nextcoin is considered to be completely “mined” already, and NXT is distributed from the existing 71 major stakeholders in exchange for bitcoin “injections” or donations. Thus, the huge glut of supply and wild swings in demand have made for a far more volatile trading behavior than exhibited in Bitcoin, whose release to the general market is largely constrained by its overall mining capacity.
NXT currently has a market cap of $49M, ranking it 6th among all digital currencies.
Don’t compare Nxt to Doge please. This two coins are completely different just in every aspect.
The reason for the rise is that NXT became available in the BTER.com exchange, along with it the new CNY/NXT currency pair. The Chinese are bringing the price up.
DOGE has a huge community and has been around for a bit longer, but NXT leaves it quite behind if you consider present and planned features. NXT is quite more than a coin, it launched a few weeks ago, and this parallel will break soon in NXT’s favor as soon as it hits other big exchanges, which should happen soon. I cannot vouch for DOGE, but I’m pretty sure NXT will keep raising.
Far better, IMHO, to compare Nxt to other UPCOMING crypto platforms like eMunie and Ethereum, which are all-new takes on Bitcoin’s foundational ideas but NOT based on the Bitcoin blockchain or Bitcoin code. I think Nxt really is the first in what will likely be many new cryptocurrencies that “start fresh” based on the successes and learnings of several years of Bitcoin-in-the-wild.
NEXT- 100% premined and owned 71 developers. PoS a little bit modification of PPC and XRP concept. How it is advertise against being new code base versus BTC absolutely ponderous.
Why NXT is higher Market cap, because of supply and demand. Devs are unloading slowly but demands are high due to Marketing. But wait devs will unload the coins sooner or later, then see the force of free market where NXT stands– very very low.
Fundamental problems in the long run– rich get richer due to purely PoS system.