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NXT Market Report: 15 September 2014

Market Cap

Welcome to this week’s market report. Reviewing what’s been happening in the last few days is a real pleasure. At the time of writing NXT may have gained ‘only’ 1% in price but during the course of the week (12 September) NXT was valued at USD 43.2m and therefore reached its highest price since the beginning of August.

This increase in price is one consequence of the superNET ICO.

A second effect of the “ICO”, and probably even more important, was the significant increase in the trading volume with a peak at USD 250’000. Since the superNET ICO will last for at least another week we can expect a steady volume at around USD 100’000 – 150’000 for the next week and will probably see another rise in value.

In my last market report I pointed out the increasing ascendancy of NXT and this fact hasn’t changed. There are 9 NXT  trading pairs on 7 different exchanges with a daily trading volume of more than USD 1’000. If we also take the Multigateway into consideration, the number of exchanges with a decently filled order book rises to 8!

coinmarketcap 14092014
Source: coinmarketcap.com

Status of the superNET ICO

The superNET ICO had a very successful start – within 2 hours jl777 raised funds valued at USD 1m! Since then, the fund raising has slowed down quite a bit but the funds are still flowing in steadily. A number of investors have indicated that they will be buying (more) tokens towards the end of the ICO period in the expectation of higher Nxt prices: because the token is priced in BTC, the Nxt price of the token on the Asset Exchange decreases with a rising NXT price. As of 13 September 14:00:01 GMT jl777 sold 438’214 tokens and raised the following amounts:

Also read: ON TOP OF NXT: Meet James

  • 1’039.51 BTC
  • 35’941’407.98 NXT (@ 0.000079 BTC/NXT)
  • 18’256.01 BTCD (@0.0132 BTC/BTCD)
  • 621’425.55 CNY (@ 2907.5 BTC/CNY)
  • 5’403 VIA (@ 0.00035055 BTC/VIA)

Converted into BTC, as at the exchange rates for 14 September 2014, the above figures produce a total of 4335.47 Bitcoins! 

What is CoinEvolve.com?

We are happy to welcome CoinEvolve.com to the Nxt Community. CoinEvolve.com develops projects for crypto currencies and has already finished two: CryptoHire.com and CoinGigs.com. You can get more information about these projects in their announcement thread on nxtforum.org.

CoinEvolve.com announced their IPO on the NXT Asset Exchange on 4 September 2014.  Initially there wasn’t really a lot of interest in their IPO asset EVOLVE since the offered product is new to the community and there was no immediate expectation of significant earning potential, at least in the short term. Then, on 13 September jl777 announced a partnership between SuperNET and CoinEvolve.com.

This announcement resulted in panic buying on the Asset Exchange – within 6 hours the offered IPO shares at 0.6 NXT were sold out and the market price sky rocketed to 3 NXT each. CoinEvolve.com decided to issue a second asset called EVOLVE2 on the same basis as the first one. This time the asset was sold out within 1.5 hours! More evidence of the so called ‘jl777 effect’!

What’s going on in the Asset Exchange?

Privatebet: Privatebet is also one of jl777’s famous assets. jl777 bought some know-how from Come-from-Beyond for 200k NXT regarding a once popular gambling game called SatoshiDice. The owner earned millions with it but his service lost popularity because he had to switch from unconfirmed to confirmed transactions. In effect, jl777 bought the solution to how this service could be run on top of Nxt without being restricted to only accepting confirmed transactions. After jl777 won the auction, the price of Privatbet increased multiple times up to 88.83 NXT and is now listed at 84.99 NXT.

Nxttycoin: I have written about Nxttycoin in a previous market report. Nxttycoin has so far proved to be an outstanding investment possibility in the Asset Exchange: not only has its increase in value been remarkable, Nxttycoin holders also receive 5% interest on their coins at the end of every month.

You may have seen seen that Nxttycoin recently dropped several places on coinmarketcap (CMC). CMC has decided, for the purposes of calculating market capitalizations, only to count the coin supply actually tradeable on the market which, in the case of Nxttycoins, is 200M rather than the 1BN total supply on which the market cap was previously calculated. This of course means that Nxttycoin’s market cap is now 2o% of what it was previously.

The remaining 800M Nxttycoins are held in escrow by the Nxttycoin Foundation to cover the monthly ‘interest’ of 5% and to meet the developer’s commitment to distribute Nxttycoins among the first 100’000 users of the Nxtty messaging service.

Also read: Nxtty – crypto messaging for the masses

The launch of the Nxtty messenger service has been postponed several times now in order to take into account all the feedback  regarding possible improvements. The design of the application has been upgraded and the developer is planning to include a wallet for Nxttycoin in the application itself. The purpose of the wallet is twofold: to make in-app tipping a reality whilst at the same time introducing the user base to crypto currencies, which I find an amazing approach. We are looking forward to the final launch of the app and to its installation on our mobile devices.

That’s it for this week’s market report; I hope you enjoyed it!

This market report is for general information and news purposes only. It does not take into account the reader’s personal circumstances, objectives or attitude towards risk. It is not (and is not intended to be) any form of advice, recommendation, representation, or endorsement by the author or the web site owner and should not be relied upon when making (or refraining from making) any investment decision.

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