After Cardano established itself as the fifth cryptocurrency, way ahead of the rest, the battle for the sixth place is in full swing. Litecoin lost that spot to Stellar, and now a new contender is a top dog.
The New Economy Movement (NEM) was founded in March 2015 and adds new features to the blockchain technology, making it more sophisticated. The software is used in a commercial version called Mijin that is tested in Japan. They make a claim for scale and speed, something that has become a strain for bitcoin.
In the past 24 hours, the price of NEM jumped by around 47%, sending it to $1.88 at the time of writing after having already reached 2.11 on the Polinex exchange as shown in the chart below. This makes its market cap nearly $17 billion according to CoinMarketCap, thus topping Stellar at $15.6 billion and litecoin at $12.5 billion. IOTA is ninth at $10.8 and TRON closes the top ten with just under $10 billion after its own meteoric rise of 96%, pushing Dash to 11th.
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Here are the recent moves on the XEM/USD chart. Will NEM continue rising?