NANO Price Still Poised For A Breakthrough
NANO has had a big August. It’s been one of the market’s biggest gainers, a return to form after a series of rough events took its price down in 2018.
Towards the end of last week, Nano began climbing from $1.72 on Wednesday to go on and hit $2.60 on Friday. The coin wasn’t done and during the weekend it continued soaring hitting as high as $3.72 on Sunday. Although these prices have since gone through a price correction, Nano looks poised for a breakthrough still.
Last Monday, NANO/BTC was the second traded pair on Binance, and after weeks of trading low, everyone is curious why it’s hiked and why now? It is, however, worth noting that when it was listed in May, NANO/BTC went on to be the most traded pair on Binance at the time.
Nano Developers Leading The Way
The price spikes come at a great time for Nano developers as the team prepares to update its network. On August 20, the team announced that their test was successful with implementation expected September 1. The update will see the network add new features like Lazy Bootstrapping and Vote Stapling.
Nano has also acquired NanoWallet by BrainBlocks which offers instant and commission-free trades. All these projects look promising and it seems NANO is poised for a breakthrough soon.
At the very least, the coin has been able to bounce back from the Bitgrail hack. The Italian cryptocurrency exchange was hacked back at the beginning of the year, and hackers made away with 17 million NANO. A number estimated to be worth $195 million at the time of the theft. A bear market followed the announcement, and the aftershock went on for months.
Nano which began in 2015, plans to resolve bitcoin’s challenges of scalability and latency. It also has the potential of solving the issue of mining which has been criticized in the past. Mining has been described as an environmental hazard as it consumes too much energy. Nano plans to solve problems inhibiting bitcoin’s mainstream adoption. If successful, then NANO could become the preferred cryptocurrency for use by the masses.