Nxt challenges August lows, market cap breaks below $20 million

After a big bounce in early September, Nxt has resumed its lengthy decline, hitting a low of 5450 satoshi ($0.018) 36h

After a big bounce in early September, Nxt has resumed its lengthy decline, hitting a low of 5450 satoshi ($0.018) 36h ago. It has since bounced back to near 5800 satoshi. The recent lows challenge those reached in late August, after which it proceeded to rally 70%.

Since rallying to a 2014 high of 14,250 in early June, Nxt has now surrendered as much as 62% of its bitcoin-based value.

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Although Nxt- like many of its Bitcoin 2.0 peers- mostly abstained from flowing along with the broader crypto markets during some of the recent sell-offs, it remains stuck in a gradual state of decline on its own terms. And unlike many of the rapid spikes and sharp falls seen with its generation 1.0 peers, the losses have been subtle- usually no more than 1-2% within 24h, with an occasional bounce along the way.

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Noteworthy is Nxt’s market cap slipping below $20 million. Like many coins, its dollar-denominated market cap has been hurt by a declining bitcoin value, which has been enough to severely impact valuations even if bitcoin-denominated trading has gone relatively well.

Its market cap fell below $18 million 36h ago, but is once again hovering around $20 million. Nxt has not tested such valuations since during a trough in late April, a time of great instability in the markets. It still ranks 6th, just behind Dogecoin.

Trading volume continues to be moderate, with roughly $46,000 worth traded in the past 24h. It ranks among the ten cryptocurrencies most actively traded, with the bulk of activity taking place on BTER.

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