NEM Price Jumps 45% in 24 Hours
NEM prices surged by over 45% in a 24-hour period, sending shockwaves through the crypto market. This was the biggest single-day surge for the cryptocurrency in 2020 and one of the largest surges in its history.
What Caused the Price Explosion?
NEM’s sudden surge in price was largely due to the news of the cryptocurrency being accepted by PayPal as a payment method. NEM is the first cryptocurrency to be integrated into PayPal’s cryptocurrency services, paving the way for more cryptocurrencies to be accepted in the future.
The news sent shockwaves of excitement through the NEM community, sending the price of the token soaring.
The Case for NEM
NEM has a lot of work ahead of it if it wants to become a major cryptocurrency, but the news of PayPal’s acceptance is a huge win for the NEM community.
NEM is one of the top 20 digital currencies by market cap and is well-known for its speed and security. It also utilizes the Proof-of-Importance consensus algorithm, which is more energy-efficient than Proof-of-Work.
These features make NEM a desirable coin for PayPal users, making it ideal for daily transactions.
What’s Next for NEM?
It remains to be seen whether the surge in prices can be sustained over the long-term, or if the current surge was just a short-term spike.
However, NEM is undoubtedly making strides towards becoming a major cryptocurrency and its acceptance by PayPal is a huge step towards mainstream adoption.
As more people become aware of NEM and its features, the price could continue to rise in the near-term.
NEM experienced an unprecedented surge in prices in a 24-hour period, sparking excitement in the crypto market. The surge was largely due to PayPal announcing that it will be accepting NEM as a payment method, a milestone in the coin’s push towards mainstream adoption.
It remains to be seen if the surge can be sustained in the long-term, but NEM is undoubtedly headed in the right direction.