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BCH $518.54 (0.87%)
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DOGE $0.20 (0.40%)

Nexo Token Skyrockets to Over 480% Amid Bitcoin Boom

Nexo Token Skyrockets to Over 480% Amid Bitcoin Boom
  • NEXO token has rallied by over 480% amid the Bitcoin boom.
  • Nexonomics initiative was launched by NEXO.
  • Since the launch of Nexonomics, NEXO price has seen a significant spike.
  • NEXO seems well-positioned to hold on to recent gains.

NEXO token has rallied by over 480% in the last three months amid the Bitcoin boom.

Nexo Rallied 480% Since Nexonomics Launching

NEXO token is the native digital asset of its blockchain-related lending platform. In late October, NEXO closely traced Bitcoin. While BTC prepared to break out of the $10,000 to $12,000 range. More so, this is lackluster compared to the 1000% rally from the DeFi tokens.

NEXO launched the Nexonomics initiative in October to drive its token adoption. The main goal is to gradually introduce new features and upgrades to the platform.  In addition, NEXO also initiated a program “Earn in NEXO”. This initiative allows users to earn 2% APY in extra.

Since the launch of Nexonomics, NEXO price has seen a significant spike with over 480%. Additionally, its market capitalization increased from $68 million to its current $347 million in just a three-month period.

According to CoinGecko, the NEXO price is at $0.62, with a 24-hour trading volume of over $28 million at the time of writing.

NEXO Price Chart 1-Month (Source: TradingView)
NEXO Price Chart 1-Month (Source: TradingView)

NEXO/USDT has shown great performance in the last few months. If this continues, the crypto can be seen to run along with the bulls in breaking the resistance level of $0.80, which can lead towards a high price of $1.0.

On the contrary, if the NEXO price fails to maintain its position with the bulls, the crypto might break out its bullish position and fall down along with the bears at the support level of $0.05. In this case, the crypto must find a way to recover quickly.

However, as the cryptocurrency market enters into the final weeks of 2020 with Bitcoin reaching successive new all-time highs. Moreover, the Bitcoin boom pushed BITW and GBTC. Furthermore, NEXO seems well-positioned to hold on to recent gains.

Crypto trading has enticed Ananthi Reeta to write for CoinQuora. She consistently contributes news and feature articles. She has covered several different blockchain and crypto niches, especially altcoins.