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Highlights
- Built on top of the Ethereum blockchain, the NMR crypto was launched in 2017. Its central theme is to bring decentralisation to the data science field.
- Its uniqueness is it is the first crypto created and released by a hedge fund.
- On Tuesday, the 315th ranked token was trading at US$15.99 with a trading volume of US$1,18,42,100 over a day, according to CoinMarketCap.
The crypto market is reeling under the increased bearish sentiments prevailing at present and has shrunk by almost 9% (8.41% to be precise) in the last 24 hours and is at US$1.41 trillion. The price of most cryptos has come down due to the bearishness, with the likes of Bitcoin witnessing a new low since its slump in July 2021.
In the last seven days, Bitcoin’s price has gone down by almost 19.7% and 8.26% in the last 24 hours.
One crypto which has been under the pump in the last 24 hours is the Numeraire (NMR) crypto. The NMR crypto has been down by over 15%, reducing its market cap to US$94,183,661.
Also read: Can GALA (GALA) come out of its current bearish phase?
What is NMR crypto?
The Numeraire (NMR) crypto is a blockchain network that allows users to make trades based on AI and prediction-based transactions. Built on top of the Ethereum blockchain, the NMR crypto was launched in 2017 by Richard Craib and is backed by the notion of bringing decentralisation to the data science field. With this, the developers can build an effective machine learning prediction tool, which can be utilised for effecting trades.
The exact reason for the NMR crypto’s declines over the past 24 hours is primarily related to the overall crypto environment prevailing in the market. However, despite its bearishness, the NMR protocol has been keen on offering the users a staking facility on its platform and awarding them handsomely. In fact, on 4 May, NMR crypto staked close to 740,335 NMR tokens in a tournament.
Also read: Why is IDEX (IDEX) crypto bringing smiles to its users?
Its uniqueness is it was the first crypto created and released by a hedge fund. It rewards NMR tokens to the data scientists who do well in its Numerai tournament. Besides, it’s one of the few cryptos that allow users to participate in the stock market trading, thus making it a unique hedge fund that relies significantly on AI-generated data predictions.
How is NMR crypto faring?
The 315th ranked token on Tuesday was trading at US$15.99 with a trading volume of US$1,18,42,100 over a day, according to CoinMarketCap. The NMR crypto was down by 15.07% in the last 24 hours. Despite its poor performance, it is still attracting a decent amount of interest as its volume was up by 16.5% in the past 24 hours.
With the flash crash making the situation worse for most cryptos, the NMR token will be hoping that it can reverse its losses and get out of the bearish phase. Over the past 30 days, it has been on a losing streak, suffering losses of up to 43.9%.
How soon will the NMR crypto rise of its bearish phase remains to be seen, but in such a volatile situation, the market participants will do well to tread carefully. It’s imperative that they do their market research properly and study the trends before entering the market during ups and downs.
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