Alt season is here! Most major altcoins are up by over 15%. NEM (XEM) is one of those that have gone truly parabolic pushing up by over 40% earlier in the day. At the moment, NEM (XEM) has retraced a little, but it is still up by over 36%. If the current altcoin momentum continues, NEM (XEM) could easily make even more gains and possibly double in value in the near term. That’s because, in a bull market, news tend to add fuel to the price, and in NEM’s case, there are several good news coming up, both in terms of technical development and adoption.
In terms of adoption, a game changing payment platform is launching in New Zealand, in the next 8-days. The upcoming platform runs on the NEM blockchain, and eliminates the need to use credit cards. What’s most interesting about it is that it allows the user to select a charity where part of the transaction fees can be paid. All this happens behind the scenes (on the blockchain), and the recipient won’t even know about it. Once it launches, and under current market conditions, this platform could significantly see the value of NEM (XEM) rise by a huge margin.
There are also some major technical developments going on in NEM at the moment. One of them is the catapult technology. According to the NEM official blog, this will make it easier to manage namespaces. To quote their blog,
“In Catapult, users will be able to freely manage the linking of namespace and subnamespace addresses (and consequently, aliases) to NEM accounts and mosaics in a manner that is not possible in NEM1. The management of aliases and namespaces will occur through alias transactions, which will include AddressAliasTransaction or MosaicAliasTransaction functions. The new functions will give users added flexibility within the NEM ecosystem.”
This could easily open up the NEM blockchain to even more adoption, and that’s huge. With the current momentum in the market, this is a big deal, and could significantly drive up the value of NEM (XEM) going forward. In fact, it could be part of the factors that have pushed up NEM (XEM) up in the last 48-hours. That’s because, it has created the impression that NEM is a blockchain with lots of potential for mass adoption. It adds to the already growing adoption of the NEM blockchain in industries like banking.
Lastly, there is the fact that NEM (XEM) is big in Japan, one of the biggest crypto markets on the planet. As such, now that bullish sentiment is back in the market, NEM (XEM) could end up drawing lots of buying momentum from the Japanese. This is a factor that could push up NEM (XEM) by an even higher margin. The incentive is there, since, after the hacks driven crash of 2018, NEM (XEM) is now one of the most undervalued cryptos in the market.