As was to be expected, all cryptocurrency markets suffer from massive bearish pressure once again. The weekend is a notorious time of the week for unusual market movements, and it seems we will see some big losses this week. Some currencies are still successfully bucking this trend, as the Nano price simply continues its solid momentum without batting an eye.
Nano Price Remains Uber Bullish
It is uncanny how the Nano price continues to soar to new heights all week along. Whereas most other cryptocurrency markets are not exactly doing all that well, Nano is showing some uber bullish momentum as of right now. With another 43.71% gain over the past 24 hours, no one can deny things are looking pretty good for this currency. This trend is all the more important given the recent BitGrail issues which could have effectively crippled this market accordingly.
More specifically, the Nano price now sits comfortably above $15. Even though it hit close to $17 a few hours ago, that massive uptrend could not be sustained for very long. Especially with Bitcoin and most altcoins effectively declining in value as we speak, it is evident there will be some interesting shakeups moving forward. For now, none of that negative momentum has spread to Nano, although one never knows what the future may hold.
This solid 43.71% gain is not just thanks to any Bitcoin price movements either, mind you. The Nano/BTC ratio has improved by another 49.42%, pushing the Nano value to 0.001559 BTC in the process. Thanks to this improvement in the BTC ratio, the nano price is effectively soaring as we speak. With this trend remaining in place for the third time in a row, it will be interesting to see how long it takes until things turn around as far as the Nano price is concerned.
With $351.57m in 24-hour trading volume, things are certainly picking up for Nano as we speak. This has been a rather intriguing development as well, as this coin had just $100m worth of trading volume two days ago. It seems everything is trying to get in on the nano price action as of right now, even though it is very well possible we will see a price reversal at some point in the future.
Binance still continues to dominate the Nano trading volume as we speak. More specifically, their BTC and ETH pairs are in the top three, and the BNB market is in fifth place. KuCoin and RightBTC are the only two other exchanges in the top five right now, which means there are no fiat currency markets to take advantage of as of right now. So far, that has not been much of a problem for Nano, but it would be nice to see some fiat currency pairs added to this list in the future.
It is unclear how high the Nano price will go before the momentum effectively reverses. Given the fact this trend has remained in place for a few days in a row, it is possible we will see some interesting developments in the coming hours or days. Reaching $20 seems virtually impossible right now, yet few people expected the Nano price to surpass $15 this week. Anything is possible in the world of cryptocurrency, although all good things will come to an end eventually.