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.