- The coin gains 7% in recent 24 hours and moves to the 20th place.
- The next resistance comes at $0.0547.
NEM is now the 20th largest coin with the market capitalization of $600M. The coin has gained nearly 20% in a week amid strong recovery from January 28 low touched at $0.0378. At the time of writing the coin is changing hands at $0.0510, off the intraday high touched at $0.0535.
NEM was hampered earlier this year amid financial struggles of the project. However, recently, the team published the restructurization plan that will allow to overcome difficulties and support further development.
The plan was well accepted by the community, despite some tough decisions made by the team including staff reduction. The company will part ways with 69% of its employees.
Also, the project secured financing in the amount of $8M and approved the release of 210M XEM tokens from reserves. This injection is supposed to fund the operations of the team through February 2020.
NEM’s technical picture
The initial support is created by psychological $0.0500; however, a stronger barrier comes with DMA50 currently at $0.0455. The coin is on an upside track as long as it stays above the handle. A sustainable move lower will increase the selling pressure and push the price towards the next barrier at $0.0437 (DMA50).
On the upside, watch out for $0.0547 (DMA100). This area may cap the recovery for the time being.
NEM (XEM) up over 20% as rest of market falters
After a huge couple of days for the crypto market, the last 24 hours have seen a slight retracement. NEM (XEM) is the only crypto with double-digit gains, and most of the leading tokens are down.
Total market cap / BTC dominance:
The total crypto market cap is currently $249.5 billion, after losing around $9 million in the past 24 hours. Bitcoin dominance has fallen to 56.1%.
BTC/USDT chart provided by TradingView
After peaking at around $8300 yesterday, the top crypto has fallen back well below the $8000 mark, down over 4 percent for the 24h period. BTC has been testing progressively lower lows throughout the 24h period, and the new support level is likely to be just over $7700. If the price does drop below $7500, many traders are predicting some major losses to take us back to levels seen at the start of May.
Ethereum (ETH) is the only crypto that is up for the 24h period. After failing to test a key resistance level at just below $280, it is now back to just over $260, with gains of around 2.35% compared to 24 hours ago. XRP has performed the worst, down 8.8%.
The 16th-largest crypto by market cap, NEM saw huge gains of just over 30 percent yesterday, and the last 24 hours have seen it continue to rise. It is trading at around $0.096, and is doing even better against Bitcoin. A huge spike saw it gain 55% in BTC value on Binance in less than an hour, and its BTC price is still up 28 percent for the 24h period.
A Beginner’s Guide to Mining NEM (XEM)
About NEM (XEM)
XEM is the token which powers the NEM platform. XEM has a total supply of 8,999,999,999, with all the tokens having been issued in the genesis block. The coin currently ranks 22nd according to a market cap of $437,702,335 USD. XEM has a current trading price of $0.048634 USD.
Proof of Importance (PoI)
The NEM blockchain platform uses a proprietary protocol called Proof of Importance to manage how the nodes compete and verify the next block. This order relies on the “importance” of each node which is determined by a score, consisting of factors, such as the number of coins held, number of transactions in the last month, and other details.
NEM’s PoI algorithm is a modified algorithm of Eigentrust++, which is a system for measuring reputation on peer-to-peer networks. It works by enabling nodes to monitor other nodes on the network and create a reputation for them relying on their past actions.
Image source: Planet Blockchain
Harvesting and Vesting
PoI determines what users are able to “harvest” NEM blocks. Harvesting blocks involves recording blocks to the chain and earning XEM rewards. There are two types of harvesting: local harvesting mode and delegated harvesting.
In both cases, it is still required to use the mining NEM (XEM) option for harvesting which is unrelated to their importance score. The downside is that you can’t just buy extra XEM on an exchange and start harvesting right away.
As you deposit new coins into your NEM wallet, they enter in the “unvested” category. 10% of the deposited funds are transferred on a daily basis to the “vested” category. After you have over 10,000 vested XEM in your wallet, the harvesting process will begin. As an example, if you have 20,000 XEM, the vesting process might take a week or so.
Local harvesting involves using the default settings on their own server instead of NIS (NEM Infrastructure Server). There are three rules required for local harvesting:
- The users are required to click on the “start local harvesting” button
- The users must be online
- They cannot use NIS while they are harvesting
Another type is delegated harvesting. It lets NEM holders use a remote server to do their work by transferring their importance score to a proxy. Another important difference is that they can collect NEM, while a computer is turned off due to the program transferring the importance to the other node.
The three rules which apply to this type of harvesting are:
- The collecting of coins works non-stop
- There is a lower power consumption when NIS is in function
- Account activation can require a few hours (around six), and a price of 6 XEM.
As you might have noticed by now, NEM is not mineable like other cryptos, in the sense that you use your computing power to produce blocks like with Proof of Work protocol coins.
But for those of you who are still keen on mining NEM with graphic cards or ASICs, there is the option to mine other altcoins and then automatically convert them into XEM at their exchange rates before they are sent to the wallet.
How Can You Use Mining to Produce NEM?
Create XEM wallet
You will need to first create a wallet account that supports XEM storage and harvesting. Here you will be sending your XEM. There are a few options currently available: NEM NanoWallet, NEM Mobile Wallet and NCC (NEM Community Client).
Select a Miner
There are various mining software platforms that mine a number of altcoins, either for solo mining, pool mining or cloud mining. Some examples are MinerGate, BFGMiner, EasyMiner, CGMiner, etc. Look for the ones that are compatible with your computer’s operating system, then download and install them.
Select your type of mining
There are several options through which one can mine cryptocurrency. Some are more profitable than others, but you have to select the one that is most suitable for you and your situation.
In the first days of cryptocurrency, many people could use CPU to mine. You can download the client and turn on the smart mining feature that will automatically mine the coin that has the most profitability at the moment.
GPU mining is considered the most profitable option as they are significantly more powerful at solving computational problems than a CPU. If you already have a mining rig for mining Ethereum (the most mined altcoin), you can just point your miners to Minergate. It works in the following way:
Ethminer: ethminer -C -F http://eth.pool.minergate.com:55751/YOUR_EMAIL –disable-submit-hashrate (GetWork)
Genoil OpenCL: ethminer -G -S eth.pool.minergate.com:45791 -O YOUR_EMAIL (Stratum)
Genoil CUDA: ethminer -U -S eth.pool.minergate.com:45791 -O YOUR_EMAIL (Stratum)
Withdraw to XEM
After you have mined some coins, you can convert them on the pool’s exchange, or you can move them to one to convert them, and then send the XEM to your NEM wallet.
NEM has a very unique block generating system that is not compatible with the usual POW mining style, we are used to seeing, but there is a way of using mining NEM and getting some XEM. An easier way of getting XEM is by directly buying or trading them.
NEM Price Rises as Developers Seek Public Feedback Regarding Catapult
As today’s rather uneasy cryptocurrency market momentum continues, it remains to be seen what the future will hold for most markets. The NEM price, while often overlooked by a lot of people, is seemingly noting some strong gains as of late. Although the momentum is not exceptional or spectacular by any means, a lot of holders and traders will be pleased with the current progress. If it can be sustained, today may be a positive time for this particular altcoin.
NEM Price Momentum Seems Promising
It is evident all of the markets in the top 25 often rely on Bitcoin’s momentum first and foremost. As the world’s leading cryptocurrency faces yet another minor wave of bearish pressure, there is nothing to get overly excited about. However, not all markets within the top 25 are following Bitcoin’s trend, which is pretty interesting to keep an eye on. When even NEM notes some decent gains, one knows things will get pretty interesting in many different ways.
Over the past 24 hours, the NEM price successfully gained 1.96% in USD value and 2.21% on Bitcoin. Both of these trends push the current value to $0.051448, or 1,282 Satoshi. A very promising development, especially considering how the overall trading volume is pretty weak. Considering how $14m in volume will not get any market traders excited, it seems to be sufficient to keep this trend going for a while. At the same time, a bearish trend can materialize at any given time.
The big news of this week for NEM is how there is some public feedback opportunity involving the project’s Catapult system. As this new feature will be an integral part of the NEM ecosystem moving forward, collecting feedback from the public is always a good way to see where things stand. There also appears to be an indication the consensus mechanism will be changed to Proof-of-Stake+, which sounds pretty interesting, all things considered.