NEM (XEM) has been one of the best performers this week, having pushed up by over 20% prior to the market crash that happened 48-hours ago. As the market begins to stabilize, NEM (XEM) is regaining its bullish momentum. At the time of writing, NEM (XEM) was up by over 3%, with bullish sentiment catching up. If this momentum continues, then Nem (XEM) could easily break above $1 by Q1 of 2019. The demand is there to drive it up to such a price level in 2019. So what’s giving Nem (XEM) this momentum in a market that is still low on bullish sentiment? Well, there is a host of factors driving up Nem (XEM) and could drive it up even more in coming months.
The first one is its Japanese connection. Japan is one of the biggest crypto markets alongside China and South Korea. These three countries had a very huge role in the 2017 Bull Run that pushed the market to its all-time highs, and all cryptos went up by thousands of percentages. Nem happens to be one of the most popular cryptocurrencies in Japan. As such, now that Coincheck has restated Nem trading, demand is likely to peak back to 2017 levels. This demand could easily push it back to 2017 prices when it was trading at over $1.
Nem (XEM)’s momentum also comes from the fact that is heavily undervalued at current prices. While 2018 has been heavily bearish for crypto, Nem (XEM) took a disproportionate hit, after Coincheck was hacked and millions of dollars’ worth of Nem were stolen. This drove down the price of NEM (XEM) significantly, relative to the rest of the market. As such, now that the platform that had the highest NEM volumes is bringing it back, investors are likely to continue the Nem (XEM) FOMO as has been the case in the earlier part of the week, prior to the bitcoin dump that drove down the entire market. If this FOMO continues, then Nem (XEM) could easily break above $1 before the end of the year.
But it’s not just FOMO that could push Nem (XEM) to a dollar in the near-term. There is also the fact that NEM is actually a very powerful blockchain. Nem (XEM) solves most of the problems that most platform blockchains have to grapple with. For instance, while most platform blockchains have to deal with scaling, NEM is built to scale. This makes it a very practical blockchain for businesses looking to launch applications on the blockchain. On top of that, NEM makes it easy for businesses to build on top of the NEM blockchain. That’s because it is customizable, which means that it can easily be used for creating applications for all industries fast since it is pretty easy to work with. As more businesses begin to build on the Nem blockchain for its ease of use, its value in the market will rise. It’s going to be an interesting time for NEM going into 2019. One dollar in 2019 is very much possible for NEM (XEM), if this momentum holds.