Up 31,000% in 2017, This Cryptocurrency May Be the Next Ripple
Why NEM (XEM) Could Double in 2018
Cryptocurrencies had a remarkable journey in 2017. It got bumpy here and there but overall, it was a joy ride for investors. When we look back in the rearview mirror, we feel content that most of our predictions have been on target.
One of these particularly stands out. I’m talking about our NEM (XEM) price prediction for 2018. But before I revisit it, let’s first celebrate some of our pitches that turned out to be on the money.
- Ripple crossed $2.00, beating both our 2017 and 2018 targets, forcing us to revise our estimates. (Follow our daily coverage here.)
- Litecoin passed $200.00, beating our 2017 target, and is now spearheading our 2018 target. (Find our daily forecasts here.)
- Ethereum jumped past our original target of $500.00 and is only baby steps away from our revised $1,000 target for 2017. (Read our daily analysis here.)
- IOTA landed in the top five cryptocurrencies after crossing our $3.00 target and is now aiming for our $5.00 price target for 2018.
- Bitcoin tripled from our beginning-of-year conservative estimate of $5,000, and also beat our rather bullish end-of-year revised target of $13,000.
What a wonderful end to 2017!
That said, here’s the kicker that won us the hand in 2017. It is a relatively-lesser-known cryptocurrency, NEM (XEM), which has jumped 475% in the one month since our coverage, crossing the $1.00 mark in 2017. It is now heading straight for our 2018 target of $2.00. Through the past one year alone, NEM (XEM) price skyrocketed by a whopping 31,000%!
This digital currency has closely followed Ripple (XRP) in its price performance. If you take a look at the trajectory on its price chart and compare it with that of Ripple’s, it looks like a virtual reflection of the latter.
While Ripple is now the second most highly valued cryptocurrency in the world after Bitcoin and widely talked-about, NEM is still relatively unheard-of outside close quarters of the crypto-world.
But when it comes to utility, it may be surprising to investors that NEM offers way more in the way of real-world applicability than Ripple.
Chart courtesy of TradingView.com
Ripple bills itself as a blockchain solution for the banking industry to move funds across borders cost-effectively. Needless to say, its utility is limited.
NEM, on the contrary, boasts a full-fledged platform for businesses to conduct all forms of decentralized digital transactions with both speed and security.
NEM’s practical use-cases far outnumber that of Ripple’s or even Bitcoin’s and Ethereum’s.
I must point out here that NEM (XEM) is closer to Ethereum in spirit, than Bitcoin. Take note that while Bitcoin is a payments-only solution, Ethereum puts blockchain to further use. Ethereum provides a decentralized platform for transactions of any nature, financial or otherwise.
NEM goes one step further. NEM takes Ethereum’s widely applicable technology and tweaks it to create a securer and faster alternative.
Why NEM (XEM) Coin Skyrocketed in December
Coming back to its price chart, a sudden spike is visibly obvious in December when investors began doling out money into altcoins. But NEM’s rise is owed to fundamentals more than just technical market rotation.
Here’s what’s been going on.
The team behind NEM has been working on building a global exposure. NEM is setting up its bases internationally, particularly in smaller countries where cryptocurrencies still remain an investment idea alien to most investors.
The team is going places, meeting small groups of developers and marketing NEM as the best blockchain-based solution for small businesses and enterprises.
From Kazakhstan to Malaysia to New Zealand, NEM has been quietly securing a following in the past one month.
On top of that, a major investor market for cryptocurrencies opened its doors for NEM in December. NEM began trading on South Korea’s biggest crypto exchange, OKEx, just days before New Year’s.
Although volumes from South Korea seem modest when compared to that of the U.S. or Japan, this new market has certainly brought in hordes of new crypto-buyers.
What Is NEM (XEM)? Why Could It Double in 2018?
With this, we come full circle to our NEM (XEM) price prediction for 2018. Why exactly do I believe NEM (XEM) could double from here?
My one word answer is: Catapult!
NEM is currently working on its next-generation blockchain solution, codenamed “Catapult,” which could actually catapult its price past $2.00 in 2018.
Catapult is touted to be a much faster, much securer version of NEM’s blockchain technology, which would be marketed to enterprises.
“Security” is a key distinguishing feature that sets it apart from most of its peers. There have recently been countless hacking incidents in the crypto-space, leading to a burgeoning need for a secure solution.
Plus, to ensure its quicker adoption, NEM has partnered with “Mijin”—a blockchain-based platform in Japan, which has already been tested and adopted by some of the major Japanese banks.
We don’t yet have an official date of launch, but rumor has it that Catapult may see the light of day no later than summer of 2018. That’s not too far from now.
Analyst Take
In the crypto-world where options are aplenty, a good investment is a needle in a haystack. But remember, the same needle can also prick you while you’re laying your hands on it.
My point is that cryptocurrencies are awfully volatile. So exercise caution. If you can’t stomach the precipitous drops that follow steep surges, it’s better to steer clear of them.
But if you have nerves of steel, cryptocurrencies have the potential to deliver overnight riches. And looking at NEM’s price history, you can tell that this is not an overstatement.
I’m foreseeing another major rally in NEM prices following Catapult’s launch, so this is one cryptocurrency you should be keeping close tabs on in 2018.
