After a period of bullish spikes, the cryptocurrency market has reverted to its old bearish behavior. The top ten cryptocurrency club has again come under the bear’s thumb as the red spread becomes apparent across the price spectrum. This price drop has affected a majority of the cryptocurrencies including the bigwigs such as Bitcoin [BTC], Ethereum [ETH] and XRP while EOS, which had gained massively over the past week was spiraling significantly.
During this price crunch, NEM [XEM] has emerged as the surprise winner, rising at a rate of 6.5%. The cryptocurrency which was in the news earlier due to various announcements from the Foundation’s side certainly saw dividends being reaped.
At the time of writing, the cryptocurrency was trading for $0.0416 with a total market cap of $374.525 million. The cryptocurrency’s 24-hour market volume of $14.708 million was majorly shared between Exrates and Kryptono, with the former controlling $2.9 million worth of XEM transactions while the latter had a grasp on $2.22 million of the XEM trade.
NEM was also in the news recently when the NEM Foundation and Labs announced a joint statement to secure XEM future. The joint report stated:
“Both parties have their own scope, though we will be working towards the same objective – a promise to the community that our mission-critical priority is in the launch of Catapult. Both NEM Foundation and NEM Labs will work together to accomplish this as part of the same ecosystem.”
The company has conducted various collaborations and ventures too, with the strategic partnership with Vault Ltd being a prominent one. The latest joint statement is aimed to give a boost to the company that had recently fired a lot of its employees. The joint statement between NEM Foundation and Labs further added:
“Both NEM Foundation and NEM Labs have different scopes that complement each other. The reality is that the adoption of NEM is not the work of a single entity. Proven ecosystems all consist of multiple purpose driven entities that solve specific problems. We are convinced of a future where independent entities like NEM Foundation and NEM Labs solve specific problems for the NEM ecosystem in a unified approach.”