Nxt, the second-generation cryptocurrency touted for its original codebase, has quietly tripled in value during the past month and advanced to 3rd in market cap rank.
The rise comes as altcoins have parted ways with their progenitor Bitcoin, having languished while Bitcoin has risen by 45% during its latest rally.
We can be sure that its rise in market cap value is 100% organic- based purely on the value of a nxt. No new “nxt” has been brought into existence, as the cryptocurrency is not mineable: there have always been 999,997,096 nxt (as to the burgeoning question if this unfairly enriches the original creators, see resources such as their FAQ).
Also unlike many altcoins, the rise was not characterized by wild multifold gains spread over a few days. For the most part, gains have been modest and consistent, averaging about 3% per day. Compounded over a month, this yields a rise of 200%- from trading at the equivalent of roughly $0.02 to $0.06.
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The rise has been so subtle that it was overshadowed by Darkcoin’s meteoric ascent, despite Nxt having surpassed it in rank.
Volume has been moderate: currently $320,000 worth traded over the past 24 hours. While this doesn’t compare with Darkcoin’s traded volumes, it is still a far cry from those of most other coins. It suggests that traders are genuinely willing to trade the coin at the posted prices.
Nxt is still well off its all-time highs set earlier this year, like most coins. In January, it briefly traded for the equivalent of $0.10.
Like Bitcoin, the cause for Nxt’s recent rise is unclear. Some have speculated that a spate of recent announcements for newly added features set off a surge in demand, although such announcements were not infrequent even 3 months ago. Either way, one gets a sense that the crypto world is growing weary of the many altcoins piggybacking off of Bitcoin and are looking for something different.