Nano Price: Was August The Turnaround Month?
Only a handful of cryptocurrencies made it through August in the green. Most altcoins continued to fall, and Bitcoin re-established a market dominance near 54%. Nano’s price, however, told a different story. And that story started around mid-August.
More precisely, on August 15, the market saw Nano prices start to soar. This came after a deeply downward price trend following a well-publicized Nano hack and theft in February.
By August 14, the coin had fallen to an all-time low of $0.74. This price was a long way from its all-time high of $34.43 last year. But, the next two weeks have seen the coin soar by 73% to trade at $3.05.
Nano Sees String Of Positive News
The August price rise came on the back of a series of strong and positive news for the coin.
On June 21, the company launched their all-new, user-friendly wallet for iOS, Android, Mac Windows, and Linus. The project team says that the wallet had been in the works since last year. The wallet was well overdue and luckily it’s panned out with positive reviews.
In July, Nano announced its entry into Venezuela to help the country which has been suffering from inflation. Since Nano is instant and has zero-fee transactions, it is the ideal currency for a country hit by unfettered inflation.
In mid-August, though, the news came that NANO had finished a stress testing. And the results were spectacular. The network handled transaction speeds and volumes higher than nearly any coin had seen in the space and for a sustained period of time. News spread of the technological feat and prices responded almost immediately.
On September 2, Paytomat.com announced that it was adding Nano as a payment option on the platform. Paytomat.com offers a Point of Sale solution that allows users to pay for merchants using cryptocurrencies. Now, Nano has joined other coins like Bitcoin, Litecoin, Zcash, NEM, Ethereum and more. Nano was eager to echo this news by sending out a tweet;
“Everyday there are more ways to pay with $nano! Paytomat is a Point of Sale solution for merchants of physical stores to accept Nano using QR codes.”
Clearly, Nano is on the right track. Although $3.05 is a major improvement from $0.74, a lot more is expected from the coin. Many have speculated that the coin will hit its all-time high of $34.43 in 2018 but it seems time is running out for it to achieve this.
John is a finance and technology journalist with a growing interest in cryptocurrencies. Writing is his passion and when he’s not writing he’s listening to the Beatles.