NEM Price Surge After Expanding To Australia

NEM price starts the week with an increase

The new week seems to be off to a pretty good start for several altcoins, with NEM price currently leading when it comes to gains. Following the weekend, NEM started experiencing a surge of its own, with its value exceeding $0.1. In the world of cryptocurrencies, price surges often start during the weekend, and by the time Monday arrives, they have already blown over. By the time a new week starts, altcoin trading returns to the red, which is where it stays for a while. However, it would seem that this week will be different.

While many other altcoins do trade in the red, as expected, NEM price started growing and has easily surpassed $0.1. This is a result of a 5% growth, and it is not too unusual since a lot of altcoins are known to suddenly grow, only to experience a price reduction later. Experts agree that his event might go through the same experience, despite the fact that it is slightly different than what usually happens.

CLOAKCOIN PARTNERED WITH NEM AND IS A MEMBER OF THE NEW ECOSYSTEMhttps://t.co/qw4yqd1vst@CloakCoin #cloakcoin @NEMofficial #nem #xem #cloak #blockchain #cryptocurrency #partnership #crypto pic.twitter.com/y9iHrzEdtf

— Crypto Central (@CentralCrypto) October 22, 2018

This is a nod toward several interesting developments regarding NEM that the coin has experienced in the last few days. One of them might be particularly responsible for the new situation, and that is a new partnership with CloakCoin. Partnerships between altcoins are becoming more often, which is an interesting development, as it indicates strength and promises that projects will remain relevant.

NEM grows popular in Australia and the Philippines

Additional big move regarding NEM is the fact that its team has recently announced setting up a blockchain hub in Melbourne, Australia.

Australia is seen by many as a decent location for crypto development due to less strict regulatory measures. It is still unknown whether NEM will be able to achieve its full potential thanks to this new move, but investors remain optimistic.

Finally, NEM price also might have grown thanks to additional attention gained from a new video by Jeff McDonald, NEM’s advisor.

WATCH: #NEM Former VP and now Advisor Jeff McDonald explaining what #blockchain is resolving and how it can be used in businesses at the 44th Philippine Business Conference & Expo, organized by Philippine Chamber… https://t.co/XDXSXDvW82

— Emerson Fonseca (@CryptoFonzy) October 22, 2018

In the video, McDonald goes into depth while trying to explain blockchain technology. Considering that this took place in the Philippines, it is not surprising that NEM received a greater amount of attention in this part of the world.

After all of these events, NEM price started yielding results, and the coin reached a $0.1 mark without resistance. At the time of writing, the NEM price is at $0.100494, with a growth of 4.16%. Whether this trend will continue or not — still remains to be seen. In any event, NEM is currently one of only a few coins that are trading in the green.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

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