Nano (NANO) jumps back up 40%, sees second highest 24-hour volume
Nano climbs, breaking $100 million 24-hour trade volume for the first time since its all-time-high price.
Nano, the coin formerly known as RaiBlocks is testing $10 again. After a sharp rise of around 40% in which it broke $10.17 the coin immediately dropped again to about $9.35. Speculators might be holding their breath and wondering whether the coin has regained footing on a higher price floor once again.
It might be quite possible against the backdrop of a growing market and growing trade volume. Nano prices have struggled since the Bitgrail incident and been unusually slow to recover. This might be because some of the biggest enthusiasts lost the most, and couldn't bring themselves to put more money into it.
Nano's abrupt climb back up the price charts might be the combination of a few different factors, including especially sharp drops the day before and a brief yet successful demo of Nano transfers to Coinbase.
But it's not the first time Nano has topped $10 this week, and still too early to say whether or not Nano's price will even continue rising above $9.
However, one of the most positive signs might be the exceptionally high 24-hour trade volume, currently sitting at over $100 million. This is the second highest it's ever been. The only time it's been broken was on 2 January when Nano (then RaiBlocks) saw its price peak at almost $35.
And at the time of writing, the volume looks like it still has plenty of room to grow. This might be especially welcome news given Nano's previous dependence on BitGrail, showing that it's now broken into heavier circulation on Binance and elsewhere.
There's no point in speculating on whether or not Nano will find a new floor at $9 or $10, especially because its price has naturally turned around again and started heading back down. But the exceptionally large 24-hour trade volume might mark some kind of a shift, even if the prices don't necessarily follow.
What's causing this particular rise? Who knows. Maybe the prices just started going up and then FOMO took over.
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Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT, BTC