Nxt’s traded price has come off seven-month lows near 4,700 satoshi set two weeks ago. After rallying by over 20% to 5,700 satoshi last week, Nxt has settled near 5,400 ($0.0167).
Nxt’s decline has been gradual and, generally speaking, on low volume. In cryptocurrency trading, there is often a shift toward abnormally high volumes when a coin enters a major rally but comparably lighter volumes when it declines. Nxt’s current 24 hour traded volume is equal to only $39,000, 15th among cryptocurrencies, behind YbCoin.
Weaker prices have combined with bitcoin’s lower dollar denominated value to send Nxt’s market cap to as low as $14.5 million. At its peak in January, it was worth close to $100 million. The recent bounce has lifted its valuation to $17 million, ranking it ninth among cryptocurrencies.
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From a technical perspective, one thing Nxt has going for it is its continuing to heed the 4,500 satoshi support level, tested repeatedly since its low in late April.
The weaker volumes and price action suggest a possible waning in excitement over the coin, which was one of the first among a family of so-called second-generation cryptocurrencies. The space is becoming increasingly crowded as the various technologies compete for the future of decentralized exchange and smart property. Currencies like Ripple have overshadowed Nxt as they see fruits of their labor in the form of real-world applications, which have been employed by banks and their payment networks.
Nxt too will soon reach a milestone of its own, launching its “Monetary System” where users can create their own cryptocurrency using the Nxt blockchain. As a result, a hard fork was announced and users must upgrade to the latest release by block 330,000, when the new system will go live.