EOS (EOS) and NEM (XEM) are two blockchain platforms that could be out to prove a point or two for cryptocurrency doubters. And that could partly be explained by their fervent communities.
Every coin tries to ensure that the community rallies around it for support during tough times on the market. We could arguably say that the EOS and NEM communities are among the best.
But is the recent good run for EOS just down to an excellent community? I don’t think so. What about NEM? It is of course one of the most undervalued coins. Its reputation wasn’t exactly helped by the decision to host the Petro ICO.
And so we ask: what is it that could work for these two coins long term? Let’s have a look at their performance in the market this week.
EOS vs. NEM: Prices and volumes don’t lie!
It’s not unusual to witness wild price swings in the cryptocurrency market. The speculative nature of the trading assets often makes a surge here or plunges there inevitable. It is against this background that we place EOS and NEM coins under the scope.
Headlines on March 28, 2018, in cryptocurrency publications were quick to point out how EOS had turned on the style to top the top 10 charts. Well, that happened as the price of EOS/USD climbed over 11% to be within reach of the elusive $7 mark. However, at the time of writing, the market had once more turned red.
The values of all the top coins have been trading in the negative, EOS posting a slight gain on the 24h charts. The price has been swaying between a low of $5.82 and a high of $6.54. At the time of writing, its trading value was $6.25, far from today’s predicted target of $7.
However, EOS is still the best performing coin on the market with a 7-day reverse of just -2.40%. It beats even top coins like BTC or ETH that have all clocked losses of 12% and 21% respectively.
NEM (XEM) on its part seems to have hit a snag and its value slumped -3.03% to trade at between a high of $0.257 and a low of $0.248. This drop represents a 7-day change of -16.36%. This stat on coinmarketcap.com is in stark contrast to EOS performance over the same period. At the time of writing, the NEM coin was trading at $0.252. On the hour to hour chart, the 15th ranked coin had shed -1.47%.
The 24h trading volume of $20,193,400 posted by this cryptocurrency is dwarfed by that of EOS token which has a 24h trading volume of $714,879,000. A comparison between this two in terms of market performance suggests that EOS is the top dog here.
EOS vs. NEM: What to look out for
The EOS auction price and the upcoming launch of its main net in June are two possible turn around events to look out for. Already prices have surged on occasion when these daily auctions have been carried out. It is anticipated that the value of the token will likely continue to surge.
Another factor would be the effect of Bittrex on its long-term value. Currently, the exchange refuses to allow the token on its site. I also believe that the general sentiment in markets like China, Japan, and India could impact this coin. If you are holding EOS, keep an eye out for sharp price swings; going long could be the best option.
The NEM price could be about to explode in the coming days. This outlook is based on the launch of the Catapult (Mijin v.2) that is likely to have a huge impact on the NEM coin. The update brings a full-featured ecosystem to the blockchain, allowing easy access via private or public networks.
The provision of smart contract Plugins makes the platform ideal for numerous uses. Developers will be able to create digital assets easily and in a secure environment. Its viability makes this upgrade very important to the NEM.
The other aspect to keep out an eye for is the performance of ProximaX, a blockchain platform developed by the NEM.io Foundation. It could be the catalyst that puts NEM in the front seat of dApps development.
As it stands, EOS (EOS) may be winning the price battle, but I believe NEM (XEM) has real potential to come out on top as a platform.