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NXT Market Report: 29 July 2014

Market Cap

Welcome to today’s market report. My nxtforum.org name is KarlKarlsson and I will be writing these reports weekly. I have been working full time in the financial sector in Switzerland for some years now as a market analyst. I started watching the crypto markets in late 2013, found NXT in January and have since made it the particular focus of my attention.

coinmarketcap 29714 Source: coinmarketcap.com

400K sell walls eaten

After the new highs at the beginning of June with huge volumes being traded on all exchanges (up to 2m USD) the market has now calmed down a lot.

Despite some very interesting progress being made, especially the launch of jl777hodl1 on Poloniex and the launch of the Multigateway on the maninnet2, the consequent price rise that might have been expected never materialised, rather we have been seeing a steady decrease. Possible reasons include the scam suffered by kLee (following which the price of Nxt dropped to a low of around 5000 satoshis) and the hype produced by different people in connection with PayExpo, including John from Cointropolis.

What’s also interesting is the seeming inexplicable low trading volume over the last 2 weeks or so. Hopefully, however, the market will be inspired by the upcoming release of NRS Version 1.2 and in particular by the Digital Goods Store which is to be included in it.

In the last few days big sell walls – around 400k Nxt per order – suddenly appeared and were just as quickly snapped up by equally large buy orders. This happened once a day for about three days in a row. We can only speculate about the significance of these trades. There are rumors some whale is currently in the process of dumping all his Nxt.

What do you think?

Where the money was made

I want to mention two assets which have been in the spotlight over the past few days.

jl777hodl is a long term investment asset which is designed to include portions of ‘almost all’ the assets issued by jl777; it currently holds more than 20 of them.  jl777hodl has recently been launched on the Poloniex exchange. A huge step forward if we think about the advantage this offers us: a gateway to the Asset Exchange without having to buy Nxt! As a result the price of jl777hodl has already more than doubled.

Secondly I want to throw a look at TXTCoinNowThis is a unique payment system based on Nxt technology, which allows you to transfer money directly between mobile devices (also old school mobile phones), online as well as offline. On 24th July, Lee’s asset paid out its second reward: 3.06 Nxt per share which was approximately 8.1% of the asset price on that day. Furthermore TXTCoinNow’s asset price increased by around 100% in July.

Any questions, suggestions, improvements? Give us your feedback!

Footnotes:

1. For more information, visit: http://www.nxtreporting.com/ or https://trade.secureae.com/#6932037131189568014

2. In order to use Multigateway, you need the Multigateway Lite Extension in your Nxt Client. Currently, the software is in beta stage. For more information, visit: http://multigateway.com/

Disclaimer: The author is a TXTCoinNow investor. 

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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