When Nushares (NSR) were flying three weeks ago, they defied a severe downturn across crypto markets, rising as much as 50% to become the 12th highest valued cryptocurrency. The begging question was if the rally will continue, particularly since there was little fundamental driving force behind it.
NSR has now given up all of its 2015 gains. On BTER, its primary trading venue, it is now trading at 2,200 satoshi ($0.00495)–roughly two thirds off (in bitcoin terms) its mid-January peaks near 6,600.
It has fallen to 16th rank in market cap, worth just over $3 million, just ahead of YbCoin.
NuShares is a Peercoin-driven project, a more customized version of Peershares. In possessing some similar traits as other Bitcoin 2.0 currencies, shares can be used for voting on the “Nu” network.
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In light weekend trading, the equivalent of $35,000 has changed hands during the past 24 hours, 8th highest among cryptocurrencies.
The losses are a continuation of its contrarian behavior to the broader crypto markets which on average are trading higher during the same 3-week period.
It is still trading well above its all-time lows near 700 satoshi reached shortly after launch. The multifold swings experienced over the past three months indicate that under the currently volatile conditions, a sound bottoming process is needed before it can retrace higher.