With the continuous growth of the cryptocurrency market, there are new and interesting coins to use and invest in such as Numeraire (NMR). This virtual currency has been gaining traction in recent months and could continue growing in the near future, but what is Numeraire cryptocurrency all about?
In the next sections, we will uncover the most important things related to this virtual currency and why it is becoming increasingly popular among investors. Is Numeraire coin one of the most potentially revolutionary virtual currencies in the market?
What is Numeraire (NMR)?
Numeraire is known in the cryptocurrency market as a network that lets users trade stocks using Ethereum’s blockchain. One of the most attractive things about this virtual currency is related to the fact that it relies on artificial intelligence and forecasts that have been created by analysts and data scientists.
This project has been released by Numerai, a company that was created in 2015 and works in San Francisco, California. During several years operating in the market, they were able to raise $21.5 million in funding from different companies.
There are two main solutions offered by Numeraire: signals and tournaments. The signals are shared with users in order for them to get information about stock prices, trading strategies and technical analysis. Meanwhile, the Tournament is held every week and it enables investors to use algorithms that would predict possible market moves.
The project has been working for several years now and the price of this virtual currency has reacted to this growth in the last few months. Numeraire coins would then be used by users that want to stake them and make market predictions, they would also be used by network users to pay for services on the network and the coins can also be used to speculate on their price using digital currency exchanges.
The project might yet need the support and adoption of other initiatives if it wants to become one of the largest solutions in the cryptocurrency market. Nonetheless, the team behind Numeraire continues to work in order to expand its services and also to become a clear leader in the crypto space.
It is also worth taking into consideration that Numeraire uses artificial intelligence in order to aggregate data received from participants in the network. This is how the platform works and how it creates value.
Numeraire Cryptocurrency Wallet
If you are a cryptocurrency holder and a Numerai (NMR) investor, then you want to make sure that you have the best Numeraire wallet at your disposal. When holding virtual currencies, we must make sure that they are properly stored and that we will not lose them. This is why we use cryptocurrency wallets.
There is a large number of virtual currency wallets that would let you store Numeraire and that would make it possible for you not only to manage this virtual currency but also handle your whole crypto portfolio in seconds.
There are two types of cryptocurrency wallets, hardware wallets and software wallets. We should also consider non-custodial wallets and custodial wallets. Hardware wallets make reference to some kind of hardware device that would hold our private keys offline. That means that we will not have to be worried about attackers from the internet trying to steal our funds.
The only negative aspect about hardware wallets is that they are not free as software wallets and they might also not be as easy to use as software alternatives.
Software wallets are the easiest wallets to get, they are relatively safe and you would be able to hold your virtual currencies without having to be worried about that. Moreover, you can also use it on a daily basis as a software wallet is very easy to manage. If you want to use Numeraire on a daily basis, then you should go for a good software wallet.
When we talk about custodial and non-custodial wallets, we make reference to wallets for which you hold (or not) your private keys. If you do not have the possibility to request your private keys, then you will not be able to control your virtual currencies. Instead, if you are the owner of your private keys, you would be able to keep control of your coins at all times.
Numeraire Crypto In the Market
Numeraire has had a volatile expansion in the cryptocurrency market. Released in 2017, it reached a peak of over $59 in early January 2018, but then it started a bear market. The trend shows that it has been negatively affected by the sell-off in the crypto space and the currency reached a new all-time low close to $2 in late 2018.
When compared to BTC, it has also had a difficult time in the last years (since it was released). Indeed, Numeraire had its highest value when compared to Bitcoin when it was first released in 2017. The coin was never able to recover this price level in BTC terms.
Despite that, 2020 has been a very positive year for Numeraire. Indeed, it could recover in BTC terms to the price it had right after the launch in mid-2017. Although it didn’t reach all-time highs when compared to Bitcoin, it did reach a new ATH in USD terms. The virtual currency was able to surge to as much as $57 per coin in August 2020.
Let’s not forget that 2020 has been a good year for virtual currencies after a difficult start after the March 2020 crash due to COVID-19 restrictions. After making a new all-time high, Numeraire was not able to keep its value and it started a new downtrend that lasted until 2021.
In January, after reaching a price bottom of $23, the coin started to move higher as the entire crypto market towards a new all-time high of $80 per coin. This was the best moment for NMR since it was released to the market in USD terms. However, the cryptocurrency remains close to its lowest value in BTC terms.
Now, NMR is being traded close to $45 per coin and the price seems to be in a consolidation zone that might last for a few months. The coin seems to be clearly following the general trend of the crypto market.
How to Buy Numeraire?
There are different ways in which you can buy Numeraire. It would also depend a lot on which are your needs. If you are a speculator, then you could easily keep your coins on the exchange platform. If you are a long-term investor or you want to use the coins to participate in the network, then you could withdraw the coins to your cryptocurrency wallet.
But let’s now focus on the platforms that are offering us the possibility to buy and sell NMR coins in just seconds. These are all cryptocurrency exchanges that would require you to open an account.
It is worth taking into consideration that there are several exchanges currently offering Numerarie trading. Most of these exchanges are recognized and operate in different jurisdictions. Thus, you should be able to trade using these platforms.
If you want to buy Numeraire, then Coinbase might be the best platform available if it is available in your region. Why? Because it has one of the largest trading volumes for this virtual currency and because it also offers fiat trading pairs.
At the moment, users can purchase Numeraire using the British pound (GBP), Euro (EUR), Bitcoin (BTC) and Dollars (USD). The trading pairs available at Coinbase include NMR/BTC, NMR/USD, NMR/GBP and NMR/USD.
Coinbase handled almost 24% of the total trading volume of this virtual currency through the above-mentioned trading pairs. This shows that you would not only have a good trading volume using Coinbase, but you would also be able to get access to Numeraire using some of the largest fiat currencies in the world.
In addition to it, Coinbase is also offering many other services to users. That means that you would be able to engage in many different activities related to the cryptocurrency market. If you want to have access to digital currencies, then Coinbase could be one of the best options available right now.
Binance is also among the largest platforms to trade Numeraire and other virtual currencies. At the moment, there are different stablecoins and cryptocurrencies that would let you buy or sell NMR. The trading pairs currently available on the Binance platform for the Numeraire cryptocurrency include NMR/USDT, NMR/BTC, NMR/BUSD and NMR/BNB.
These four trading pairs account for 20% of the total trading volume of the Numeraire virtual currency around the world. Thus, this could be one of the best options if you want to buy, sell and trade NMR on a regular basis.
Furthermore, Binance is also a crypto platform that offers users access to a wide range of other unique services. For example, individuals can easily engage in staking activities, purchase Launchpad tokens and even lend or borrow assets.
With this in mind, we could start using Binance to trade digital currencies, including Numeraire. However, the platform has strict KYC controls, which makes the whole situation much more difficult for users that do not want to share private information with the platform.
If Binance or Coinbase are not available in your region, then you can try using OKEx, one of the largest platforms in the world. However, you should take into consideration that OKEx has just one trading pair for the NMR cryptocurrency: NMR/USDT. Thus, you would not be able to trade NRM against a fiat currency as on Coinbase, but you would be able to use the most popular stablecoin to do so.
This trading pair accounts for 13.27% of the total trading volume of NMR around the world, which is impressive for just a single trading pair. Thus, the liquidity will be higher than other trading pairs present in other exchanges such as Coinbase or Binance.
OKEx is also one of the most innovative exchanges and it is currently offering many other solutions for users that want to trade and handle NMR coins. You would also be able to store your coins on OKEx.
Bithumb is known for being a cryptocurrency exchange with a focus on the Asian market, specifically South Korea. Indeed, the platform has two different trading pairs for Numerai: NMR/KRW and NMR/BTC. As you see, it offers a fiat trading pair (Korean won). Although this is not a currency traded worldwide, it could eventually be used by South Korean investors and also by other investors in the region.
The main trading pair is NMR/KRW and it has a trading volume of 2.36% of the total Numeraire trading volume around the world. This could be a great local exchange to use if you want to get access to this virtual currency.
KuCoin is a great exchange offering trading solutions to users all over the world. One of the main advantages of this platform is related to its limited KYC checks. Users are able to easily trade virtual currencies without having to share large private information.
KuCoin has two main trading pairs for the NMR digital currency: NMR/USDT and NMR/BTC. Bitcoin and Tether (USDT) are the most traded cryptocurrencies around the world, so the currency choice makes sense.
However, KuCoin has a low trading volume when compared to other platforms. This exchange has only handled 0.11% of the total trading volume for Numeraire around the world, which is not so high. Thus, if you want to trade larger sums than just some dollars, you should search for another platform with more liquidity and trading volume.
There are many cryptocurrency exchanges available around the world that support this virtual currency. It is just a matter of preferences to decide which platform to use. Remember that you can always withdraw your funds from the exchange if you want to have contact with the Numeraire blockchain network.
Some of these exchanges include Bittrex, HitBTC, Poloniex, ProBit, Uniswap. Upbit, YoBit and Coinex, among others. If the cryptocurrency continues to expand, you might be able to find other platforms with a larger trading volume and get exposure to Numeraire.