Nano (NANO) jumps back up 40%, sees second highest 24-hour volume

Posted: 22 February 2018 5:08 pm
News

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.

Got FOMO? How to buy Nano.


Disclaimer: This information should not be interpreted as an endorsement of cryptocurrency or any specific provider, service or offering. It is not a recommendation to trade. Cryptocurrencies are speculative, complex and involve significant risks – they are highly volatile and sensitive to secondary activity. Performance is unpredictable and past performance is no guarantee of future performance. Consider your own circumstances, and obtain your own advice, before relying on this information. You should also verify the nature of any product or service (including its legal status and relevant regulatory requirements) and consult the relevant Regulators' websites before making any decision. Finder, or the author, may have holdings in the cryptocurrencies discussed.

Latest cryptocurrency news

Picture: Shutterstock

Disclosure: At the time of writing the author holds ETH, IOTA, ICX, VEN, XLM, NANO, SALT, BTC

Get into cryptocurrency

Ask an Expert

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.
Go to site