NEM [XEM] – It came to the notice of the entire world that CoinSwitch is supporting NEM (XEM) Cryptocurrency after the altcoin went live on its Twitter page yesterday to announce the latest development.
— NEM (@NEMofficial) May 6, 2018
The support, thrilled users and lovers of the altcoin with the hope that more goodness is on the way for NEM.
The support will aid easy conversion of XEM into other coins available on the exchange and fiat currency at almost a negligible fee through the use of CoinSwitch platform.
The first known Cryptocurrency and altcoin exchange collector is CoinSwitch. CoinSwitch supports over 270 currencies and 45,000 pairs is a single platform that trades cryptocurrencies across all exchanges, integrated with multiple leading exchanges across the world. Founded in 2017, CoinSwitch is an India-based exchange.
NEM In The Cryptospace
Just this month, NEM has been up for different developments across the globe. NEM, among other Cryptocurrencies, got support from Bitbns exchange, making it easy to trade NEM on the Indian exchange platform, and NEM also features on Abra exchange. Also this month, NEM was integrated into Mobi app “because of the instantaneous transactions and minimal transaction fees.”
Mobi is a “ridesharing app that will allow people heading in the same direction the ability to connect with each other so they can rideshare on their commute”.
In March, NEM launched a Catapult Beta “a highly anticipated update to the NEM blockchain run by Tech Bureau.”
According to a blog post shared by NEM, Catapult is a full-featured blockchain engine that powers both public and private networks with a matchless smart contract plugin that permits bulletproof digital asset creation, decentralized swaps, advanced account systems and business logic modelling.
The President of the NEM Foundation, Lon Wong, in a statement where he displayed excitement for the development of Catapult said the foundation is happy and contended with their collaboration with Tech Bureau.
“We’re proud to partner with Tech Bureau, as we believe the new Catapult blockchain technology platform is the future standard for mainstream enterprise and organizational infrastructures.”
“Catapult is more than just an improvement to the NEM Blockchain. It is an industry milestone that opens up new capabilities for blockchain database functionality.”
After CoinSwitch Support, NEM in the market
After a partnership, support or listing development for a coin, the expected and desired aftermath from lovers and investors in the market is usually a bullish one, nevertheless, on many occasions, the reverse is the case for some coins.
For NEM, in the latest development, the altcoin toeing the same path with most coins in the market as they plunge. Ranked 14 according to Coinranking, XEM has been bearish in the market in the last 24hrs, 7 days but bullish in the last 30 day.
As at the press time, in the last 24 hours, XEM suffered 5.14%, dropping for its today highest value of $0.419 to $0.388. While yesterday, XEM went as high as $0.427.
The average performance XEM in the last 7 days has not been promising as the currency went down with 5.29% where it highest value in the last 7 days was $0.436.
While the present total market capital of XEM is over 3.4 billion dollars, the last 30 days in the market was an exception for the currency as it has rose up with 71.04% from a low price value of $0.227.
Looking at the above performance of XEM in the market, it is obvious that the support from CoinSwitch has not been able to add anything to NEM in the market because, in the last 24hrs, which the support was also announced, the altcoin fell in the market.
Even though the present result is not encouraging, investors and lovers are of the belief that the support will still feature better result for NEM in days to come.
In response to the announcement, a crypto expert averred that:
“NEM is now supported on CoinSwitch which opens up the gates for the investors to exchange the currency easily. This should boost the investment coming in and help NEM regain a surging place in the market cap.”
Prior to this time, NEM foundation, after the launch of its mobile wallet NEMPay tagged itself as:
“not just a cryptocurrency. NEM is a blockchain project which caters to much more than only handling it’s native currency tokens “XEM”. Above that, and more importantly, NEM is a peer to peer platform and it provides services like payments, messaging, asset making, and naming system.”
With the latest lasting developments, I think the altcoin is living up to the flaunt, however, time will tell.