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NEM [XEM] now supported on CoinSwitch, yet shows decline in the market

Aman Swami

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NEM [XEM] now supported on CoinSwitch, yet shows decline in the market
Source: Wikipedia Commons

The NEM community was pretty thrilled yesterday as NEM’s official page announced that it is now supported on CoinSwitch.

CoinSwitch is a single platform to trade cryptocurrencies across all exchanges at the best prices with support for more than 300 currencies and 45,000 pairs, which is one of the highest in the world. It is a one of a kind aggregator, built for altcoins and cryptocurrencies with an integration of multiple leading exchanges globally.

NEM's official tweet

NEM’s official tweet

This gives the NEM community access to all the exchanges across the world and now they can easily convert their XEM into other altcoins and fiat currencies through the use of only one platform.

NEM currently holds the 14th place on CoinMarketCap. It suffers from the bearish market as it experiences a decline in the last 24 hours. In the last 24 hours, it sees a declining rate of 5.7% which has dropped its price down to $0.381820 from yesterday when it was priced at $0.41.

In the last 7 days, the average performance of the currency has been bad as it sees a decline of 6.84% in the last 7-day average. In addition to it, it fails to see positive numbers beside its name even in the last 1 hour, as it continues to decline at 0.77%.

The market cap has taken a great hit since January where it was above the $17 billion mark and the price was surging at $1.9 at the time. Currently, the market cap has dropped down to $3.4 billion and is struggling to cross the $3.5 billion mark.

Despite the decline and bad performance, the bearish market affecting all the currencies in the market has kept NEM in close competition with Dash and Monero who are placed at 12th and 13th rank respectively. The three currencies are moving neck to neck.

Dash leads with a difference of $300 million in market cap against NEM and a $100 million against Monero. Monero and NEM remain with a market cap difference of $150 million. All of these currencies currently suffer from a decline because of the bearish market.

A crypto expert commented on the announcement:

“NEM is now supported on CoinSwitch which opens up the gates for the investors to exchange the currency easily. This should boost the investment coming in and help NEM regain a surging place in the market cap.”



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Aman Swami is an Economics major from Christ University. He is very passionate about cryptocurrency and understanding of financial markets.

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