Numeraire (NMR) crypto: Why is this AI-based crypto rallying?

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Numeraire (NMR) crypto: Why is this AI-based crypto rallying?

 Numeraire (NMR) crypto: Why is this AI-based crypto rallying?
Image source: © Rummess | Megapixl.com

Highlights

  • Launched by Richard Craib, the Numeraire (NMR) crypto is primarily an AI-based prediction platform that allows its users to trade with complex data science models.
  • On 20 June, The NMR crypto was witnessing a huge upward swing of 49.59% with a volume rally of 259.42% at 12:30 PM (GMT +1), according to CoinMarketCap.
  • The NMR crypto was trading at US$23.77 with a trading volume of US$44,66,43,626 over a day, according to CoinMarketCap.

Launched by Richard Craib, the Numeraire (NMR) crypto is primarily an AI-based prediction platform that allows its users to trade with complex data science models. Operating on the Ethereum blockchain, the crypto allows the developers to create machine-learning models with improved reliability. The main objective of the protocol is to bring in decentralisation to allow the users to compete in creating an effective machine-learning prediction model.

What sets NMR crypto apart from other cryptos is that it’s one of cryptos that was created and released by a hedge fund. The NMR crypto on 20 June was witnessing a huge upward swing of 49.59% with a volume rally of 259.42% at 12:30 PM (GMT +1), according to CoinMarketCap. The NMR crypto has made strong waves in the market for some time, amassing a rally of over 200% in the last seven days.

Why is NMR crypto rallying?

The exact reason for the NMR crypto rally is hard to establish. But it might be because of the claims that staking of 787,827 NMR tokens during Numerai's main tournament that gave the protocol a three-month return of 13.01% on an average.

In fact, the charts clearly indicate an increased interest in the token during the intra-day trading session.

•	On 20 June, The NMR crypto was witnessing a huge upward swing of 49.59% with a volume rally of 259.42% at 12:30 PM (GMT +1), according to CoinMarketCap.Image credit: Trading View

Numeraire crypto’s RSI shows that the buyers are on a buying spree. Its RSI at 85.08. Even the MACD line indicated that the momentum of this rally is getting stronger with the signal line well below the MACD line with significant volume gain.

Numeraire comes with two sets of applications that cater to different types of traders. The signal application offers stock market strategies to the users, which reflects a particular signal.

Besides the signal application, NMR also comes with the tournament application that offers the users weekly competition, wherein the users can submit the trading algorithms about the stock markets, thereby allowing them to bet on the likely outcome.

NMR crypto’s price performance

The NMR crypto was trading at US$23.77 with a trading volume of US $44,66,43,626 over a day, according to CoinMarketCap. The NMR crypto enjoyed a live market cap of US$13,99,96,166 with 58,88,504 NMR coins in circulation.

Though it’s still far away from its all-time high of US$93.15, which it achieved in May last year, its performance over the past week may have given market participants some hopes amid a bearish crypto market. Investors must ensure to do their due diligence in conducting their research to ensure they don’t suffer from losses and invest after considering all parameters. 

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