As all cryptocurrencies start to bleed value at an alarming rate, the coming days will not be overly pleasant. So far, few currencies note double-digit losses, although there are always some extreme cases. The Nexo price, for example, is already down by over 20%, and may continue to fall lower in the coming hours.
Nexo Price Trend Starts to Look Ominous
It is more than evident this current price momentum doesn’t bode too well for the future of cryptocurrency. As the total market cap risks dipping below $120bn for the first time in a while, altcoins are suffering tremendously. That is only normal, as money is pouring back into Bitcoin first and foremost. In the case of Nexo, that trend is more than apparent right now.
Over the past 24 hours, there has been a massive 20% drop in USD value for Nexo. Combined with a 17% loss over Bitcoin and a 15% deficit in ETH value, things are looking very bleak indeed. As such, it is anything but surprising to see the Nexo price drop below $0.1 for the first tie in a while. This trend may continue for some time to come, which is even more troublesome.
Time for some good news regarding the Nexo ecosystem. This altcoin will commence trading on the Catex exchange in the coming days. The official listing date is December 13th, although that schedule is always subject to change first and foremost. Liquidity providers can also earn 1 ETH for their troubles, which is interesting to keep an eye on.
Deposit event starting on https://t.co/z5qQl5yshR
During the month of December , Catex Exchange will be having a deposit event for its newly listed tokens. Top 3 depositors per token receive 1 #ethereum each.
— Catex Exchange (@catexofficial) December 5, 2018
There is also an ongoing snapshot of the Nexo blockchain which will award holders with a dividend payment in the coming weeks. It is the first time this dividend will be paid out, which causes plenty of excitement. No one knows or sure what the payout will be exactly, although it is safe to assume some early investors cashed out because of this snapshot.
A similar sentiment is shared by Stephen, who is confident the first Nexo dividend will be somewhat low. Next month’s payout, however, will be quite bigger, primarily because the altcoin is also trading on Coinbit. Whether or not that exchange will have any meaningful impact by the time the second dividend comes around, is a different matter altogether.
Based on the current circumstances, Nexo needs Bitcoin to recover fairly quickly. Unfortunately, that doesn’t appear to be a plausible scenario, which will only add more fuel to the fire. A dip to $0.075 isn’t impossible for Nexo either, although a small rebound to $0.1 could materialize out of the blue. As such, it remains an interesting market, despite the bearish signs.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.
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