NEXO is currently in first place among the top 100 Tokens. We analyze the reason for this price spurt.
Despite the ongoing unpredictability in the cryptocurrency market, largely due to the failure of the trading platform FTX and the ensuing sell-off, certain digital assets, such as the cryptocurrency lender Nexo, continue to perform admirably (NEXO).
According to statistics from CoinMarketCap (1) on December 8, Nexo's native token has been topping the top 100 cryptocurrencies in 24-hour gains, putting it in third place despite the uncertain future. These gains have been recorded on both the daily and weekly charts.
What's Happening to Nexo Pricing?
At the time of publication, the price of NEXO was $0.678, representing an increase of 2.58 % on the day and a decline of 1.5 % over the previous week. This increase comes as the company works to recover from a loss of 31.67% on its monthly chart.
Per data provided by CoinMarketCap, the current market capitalization of Nexo amounts to $378.46 million, which places it as the 81st-largest decentralized finance (DeFi) asset by this indicator.
What is the Reason for the Price Sprint?
Notably, Nexo has been posting gains since it announced (3) that it would gradually withdraw from the United States over the upcoming months. This decision was made after
"more than 18 months of good-faith dialogue with US state and federal regulators which has come to a dead end."
The following is an additional explanation provided by the platform in its blog post:
"It is now unfortunately clear to us that despite rhetoric to the contrary, the US refuses to provide a path forward for enabling blockchain businesses, and we cannot give our customers confidence that regulators are focused on their best interests."
The organization ensured its clients would continue to have uninterrupted access to their funds and that its payment specialists would continue to process withdrawals while the situation was resolved.
At a certain point in August, the Nexo token also captured the finest daily progress from among the top 100 cryptocurrencies. This was because the development team behind the Nexo token was describing the techniques for the then-coming Ethereum (ETH) upgrade Merge, which indicated that it was on board with the network's transformation to the Proof-of-Stake (PoS) algorithm.
Moreover, the Nexo token's development team also described the Merge upgrade strategies.