NEM (XEM) Gains 25% as Altcoins Follow Bitcoin’s 30% January Surge

Altcoin traders had a lot to rejoice on Feb. 6 as NEM (XEM) led a resurgence within the worth of many main cryptocurrencies.

Cryptocurrency market day by day overview. Supply: Coin360

NEM hits six-month excessive

Information from Coin360 and Cointelegraph Markets confirmed XEM making positive factors of practically 25% in a single day on Wednesday, returning above $0.06 per token for the primary time since August 2019.

NEM 6-month worth chart. Supply: Coin360

The transfer comes as different altcoins noticed contemporary positive factors, with a number of within the prime twenty by market cap increasing by greater than 10%. Tezos (XTZ) sealed month-to-month positive factors of 80%, beating even Bitcoin’s (BTC) observe report because the begin of 2020.

Ether (ETH), the most important altcoin, delivered returns of 9.5% within the 24 hours to press time, holding assist above $200.

For Cointelegraph Markets analyst Michaël van de Poppe, different tokens to look at included XRP and Stellar Lumens (XLM).

Whereas XRP’s efficiency had did not impress in latest weeks, a push above $0.28 inspired merchants, with Van de Poppe noting that traditionally, XLM responded to XRP progress with a copycat transfer.

“If XRP strikes, then Stellar Lumens often follows. The XLM/BTC pair is displaying indicators much like the XRP chart,” he summarized in his newest market replace on Wednesday.

Regardless of the most recent positive factors, XEM and others are nonetheless languishing at a fraction of their all-time highs when it comes to each Bitcoin and the U.S. greenback.

This failure to recapture misplaced floor, final seen in early 2018, led a number of well-known commentators to foretell the dying of altcoin markets final 12 months. Then, as now, Peter Brandt and Max Keiser, amongst others, targeted nearly completely on Bitcoin.