NEM price (XEM/USD) enjoys massive gains as Coincheck resumes XEM trading
The NEM price (XEM/USD) has seen massive gains after it was announced that Japanese crypto exchange Coincheck has resumed XEM trading.
Are you looking for fast-news, hot-tips and market analysis? Sign-up for the Invezz newsletter, today.
“Coincheck resumed $XEM activities today,” reads a tweet posted Monday by NEM’s official account.
The news provided a big boost for the NEM price, which surged to an intraday high of $0.114 during the morning session. While the coin pulled back to lower levels in the afternoon, it still managed end the session at $0.110, significantly higher than its opening level of $0.093. This was NEM’s highest close since September 4, according to data from digital currency tracker Coinmarketcap. Meanwhile, NEM’s daily trading volume reached $54.3 million, almost 11-fold increase from the previous trading session.
The digital coin saw further gains in today’s morning session, as its price rose to a near 10-week high of $0.121. The digital coin has since retreated to lower levels and is currently trading around $0.115.
NEM seems to have retained the high levels of trading activity in today’s trading. According to recent market data, some $53.5 million worth of NEM tokens have changed hand in the past 24 hours. Nearly 45% of that volume has been processed by the world’s largest crypto exchange, Binance.
Coincheck resumes NEM trading nearly 10 months after an infamous hack that resulted in 500 million NEM tokens being stolen from the exchange in January. The incident prompted Japanese authorities to step up their efforts to regulate the crypto sector, while the company was acquired by Japanese online brokerage Monex in April.
In today’s trading, the NEM price stood at $0.112, as of 15:16 GMT. The digital coin has gained 4.7% in the past 24 hours, Coinmarketcap data shows. The coin currently has total market cap of just over $1 billion, which makes it the 15th-largest digital currency on the market.