NEM (XEM) is sweeping the crypto market during the Bull Run when all other cryptocurrencies were taking a break. Bitcoin, on the other hand, was decreasing from its previous position but NEM defied the mini-correction mood and gained about 55 percent since the beginning of the week according to the latest altcoin news.
The data from the market analysis shows that its token XEM is the best performer during the week and it is among the top 100 altcoins. On Thursday, the altcoin increased about 50 percent in less than six hours and reached a daily high of $0.108 which is the highest level since 2018 in November. The surge helped the altcoin to reach the top 20 cryptocurrencies and is now on the 19th position. NEM (XEM) is now trading at $0.087 with a market cap of $791 million.
The industry might be packed full with partnerships that aim to revolve around marketing but at this time the news about the fintech Zeux that operates a digital payment wallet app and the integration of the XEM token is also a reason for the price surge.
The NEM Foundation and the co-founder Jeff McDonald noted about the partnership that the utilization of the XEM token as a payment option means a lot for the blockchain network. The XEM price also benefits from the launch of the 2.0 version of the blockchain engine called Catapult which suggests a positive dynamic at the Foundation.
NEM is aiming to adopt the blockchain engine update so the new version will host smart contract plugins and features that will likely become an integral part of the blockchain network. At the end of March, the team developed the roadmap for Catapult which shows that the update will take place at the end of Q3.
As reported in the best cryptocurrency news sites, the bullish movement for the NEM (XEM) will find support in the crypto community. It is still challenging to estimate what the next stop for XEM will be but we can assume that everything will depend on the Catapult implementation. NEM also introduced a catapult feature updates on mosaics and namespaces which will make the blockchain network more intuitive.
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