Many expected the NXTcoin value to surge when it was released. It was the next cryptocurrency that had its own source code after Bitcoin. Despite NXTcoin not being able to hit it off as well as Bitcoin, it did have valid reasons.
NXTcoin price movements
On September, the NXTcoin price reached almost 6,000 satoshis. For the most part, prices remained stable. Afterwards it started to climb. It reached a high of 7,000 satoshis in a few hours. Since then, the prices have moved between 6,000 and 7,000 satoshis.
NXTcoin endured several months of declining prices. This followed a price bubble in June. NXTcoin went through massive price and market cap increase. It happened from April all the way to June. In late April, NXTcoin’s cap dropped to $20 million, with a coin price of just 4,500 satoshis.
At the start of May, the NXTcoin value drastically increased. It reached a market cap of 13,808 satoshis and $90 million. During one point, it held the highest NXTcoin market cap. It almost claimed the second top spot after Bitcoin.
NXTcoin failed to maintain the high market cap. Its price went down almost 70% in June. The NXTcoin value was able to recuperate, but steadily decreased after. Following this, the NXTcoin market cap settled. This could indicate that it reached a stable price.
What gives NXTcoin value?
Investors of NXTcoin should be aware that its value is driven by the community. Users invest in computer code, the development community, and the technology behind one of the newer altcoins.
The exchange is entirely separate. It allows buying and selling of NXTcoin. The exchange does not contribute codes or resources to the NXT source code itself. However, it does help the NXTcoin value go up in number.
Nearly every cryptocurrency experienced a price increase. With smaller names like NXTcoin, these are more likely to happen artificially. This is known as “pump and dump”.
The NXTcoin value relates to how the users react to its features, compared to how the see the current state o other currencies. The list includes Counterparty, Ethereum, Ripple, and more. Many of these platforms have similar goals. Though it is not yet clear which names will emerge number one. With so many altcoins gunning for the top spot, one typically grows at the expense of another.
Check out what gives NXTcoin the edge over other altcoins. Read and learn more about it on Coins-Info