Nexus (NXS) Sees Price Pumped as Bitcoin (BTC) Recovered

[Leonardo]

The activity of altcoins once again proved that those assets remain volatile and risky. Nexus (NXS) saw its price grow by what traders see as a deliberate price pump.

NXS jumped a net 25.5% in the past 24 hours, and after erasing some of the gains reached $0.35. The price is relatively low for NXS, having returned to levels not seen since April 2017. However, in the short term, the NXS pump gained attention.

NXS peaked above $13 in January, and immediately after that saw its volumes drop precipitously, from above $229 million’s equivalent at the peak, down to around $200,000 on a usual day. NXS illustrates the trajectory of many altcoins, and the underlying risk of crypto investment, especially with volumes disappearing overnight.

The current spike in prices and trading was seen as a deliberate effort, potentially leading to a crash and further losses.

Totally natural pump here on $nxs this will end well pic.twitter.com/VU7Z497meP

— Moon Overlord (@MoonOverlord) November 28, 2018

The ease of pumping NXS may be due to the fact that more than 83% of the coin’s volumes are concentrated on Binance, in a pair with BTC. As of 7:00 UTC, there was still more buying than selling, again hinting to bot activity and a deliberate effort to pump the price.

Pumps are a common phenomenon on exchanges, especially for low-volume coins. But this November 29, the spike in prices for some coins follow a day in the green, where BTC recovered to above $4,200. Previously stagnant assets like Verge (XVG) saw a spike in prices, adding more than 30% overnight to $0.008. Bitcoin Private (BTCP) went through a 67.7% pump, to $3.08.

The low prices and volumes for altcoins allow for pumps to have an immediate and dramatic effect. But those short-term events are in no way seen as a sign of a robust recovery.

The crypto market remains risky, just days away from the last sell-off, with pessimistic sentiment still around. There are no clear expectations of a Bitcoin uptrend, and lower prices are still a possibility. But the persistence of pumps shows that crypto speculation is here to stay, even during the bear market, offering some high-risk, short-term possibilities.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

Source: https://cryptovest.com/news/nexus-nxs-sees-price-pumped-as-bitcoin-btc-recovered/