New Economic Movement (NEM)’s XEM token is leading the latest altcoin charge with an astonishing 2000 percent growth since March.
As of press time on Thursday, NEM, which has traded most of its three-year life at between $0.0001 and $0.001, is now worth just over $0.17. Its 24-hour gains are close to 55 percent.
Data from CoinMarketCap confirms the astronomical growth, most of which has occurred in 2017, with a chart more vertical than even high flyers Ethereum and Dash.
NEM’s growth is an exaggerated version of the growth pattern of many altcoins this year. Peaks and troughs are in line with the behavior of other assets in the top 10, with various factors contributing to day-by-day volatility which has lured countless new investors.
“Discussions surrounding the rise among the asset’s community are focussing on the upcoming release of Catapult, a fully-permissioned private Blockchain which NEM has previously described as the only instance of “true permissioning.”
The idea that the asset is in a bubble and could soon crash, however, has gained little traction.
Developers have always maintained a lofty opinion of their creation, with lead developer Makoto telling Cointelegraph back in 2015 that the project has the “best designed” Blockchain in existence.
Elsewhere in altcoins, all the top 10 reversed losses seen earlier in the week, while Bitcoin continues to test never before seen highs.