NEM (XEM) is dramatically rising, in line with a spike in trade volume. As of writing this, the price is up to $0.115553, the highest it’s been since early September.
The $67.5 million XEM traded over the last 24 hours is the highest one-day trading volume for the coin since April this year. It comes after struggling to break $10 million in daily volume for the last few months.
24-hour price chart via CoinMarketCap
The sudden surge comes as Japanese exchange Coincheck announced XEM trading activity would resume today. After falling victim to a hack earlier this year in which 500 million XEM tokens (valued at $530 million USD at the time) were stolen, the exchange began accepting new accounts and deposits again on October 30.
Today’s re-addition of XEM trading services marked a significantly positive step forward for the coin after the incident was a catalyst for XEM’s steady decline in value this year.
XEM began to spike around half an hour before NEM’s official Twitter account posted that Coincheck trading had resumed.
Over the last 24 hours, the highest volume pair for XEM has been the XEM/BTC pair on Binance, with 33% of the total trade volume ($22 million). Second is the XEM/JPY pair on Japanese exchange Zaif with 16% ($11 million).
The rest of the market has yet to follow XEM’s rise just yet, grounds for caution at this point. Bitcoin is hovering around even, while the majority of the top 10 altcoins are either even or in the red. ZCash (ZEC) is the only top altcoin following XEM at this point, continuing its strong week, rising by 6% over the last 24 hours.