Why NANO Cryptocurrency Price is Soaring
While the broader crypto market moves sideways, cryptocurrency NANO remains on a tear. The bull is now in the seventh day of its run chasing NANO’s bygone all-time highs. Mind you, days are equivalent to months in this industry, where prices move at Usain Bolt speed. So NANO may have achieved a feat after having traded in the green for a week. This week in particular, Charlie Lee’s favorable remarks may have added a nitrous oxide boost to NANO coin prices (more on that shortly).
As obvious from NANO’s trading volumes, there’s a amplified investor interest in NANO cryptocurrency that’s never been seen before. Trading volumes hit an all-time high this past week and are holding strong since then.
Might I remind you that volume is a good barometer of demand. Read it alongside price and you get an idea of where investor sentiment may be headed next. Looking at NANO’s daily trading volume, the excess in demand is apparent. Investors are hoarding NANO coins with both hands and there’s a good reason why.
Just in case you haven’t heard of NANO before, this cryptocurrency is not new. Nano, which currently trades as NANO, was rebranded last month by dropping its old name and symbol. It was formerly known as Raiblocks and traded as “XRB.” The rebranding was undertaken to make the crypto more appealing to investors. Apparently, “Raiblocks” did not have a catchy ring to it.
But the new name alone is not what’s attracting new investors. It’s NANO’s technology that has the market going ga-ga. We identified last week why NANO is turning heads.
Chart courtesy of TradingView.com
NANO is a direct competitor of Bitcoin and threatens to dethrone it with its unique “block lattice” technology that rivals Bitcoin’s blockchain technology.
NANO’s block lattice technology does not require mining, as Bitcoin’s blockchain does. Simply put, the block lattice validates transactions from within. Since there are no miners to be rewarded for validating transactions, there are no fees to be paid and virtually no wait times.
In other words, NANO solves two of Bitcoin’s biggest problems: lack of scalability and high transaction fees.
On a cursory look, NANO sounds like the ultimate Bitcoin killer. But wait; let’s confess that our understanding of technical crypto jargon is limited. So it’s safe to turn to a crypto veteran who put this tech to a figurative test. And, as it turns out, he left mostly convinced.
The founder of Litecoin (a leading cryptocurrency which rivals Nano), Charlie Lee, took to NANO’s subreddit this week to face off NANO’s developers. Lee posed some hard-hitting questions on the viability of NANO’s technology. It was surprising that he received satisfying answers to most of his questions. Lee left the thread on a positive note and, as obvious from NANO’s price surge, so did prospective investors.
“I like what I see so far. Dev team with their heads screwed on straight. Good visions of doing transfer of value only and doing it right,” he said. “Still not sure how it can achieve it without tradeoffs. But so far, I don’t see any glaring holes in the approach.” (Source: “Questions about Nano (from Charlie Lee),” Reddit, February 26, 2018.)
Fifteen hundred and twenty-three. That’s the number of cryptocurrencies trading out there. What are the odds that all of them are will turn out to be million-dollar jackpots as their investors are expecting? You need not be a genius to figure that one out.
However, we don’t often see revered veterans giving a thumbs up to their rival technologies. If Charlie Lee did it for NANO, we may take his word on it.
This is certainly one cryptocurrency investors need to be keeping close tabs on. If NANO presents a solid real-world use-case this year, we expect the NANO coin price to shoot straight for the moon.
To sum it up, our NANO price forecast is conditionally bullish.