Cryptocurrency enthusiasts will have noticed something strange is going on with the XEM price right now. Coincheck, one of Japan’s largest cryptocurrency exchanges, added the XEM currency to their list of trading markets. The platform also introduced Litecoin and Dash trading to Japanese cryptocurrency enthusiasts, which is a positive development.
Japan Continues To Embrace Different Cryptocurrencies
Ever since Japanese regulators introduced the new law that removes consumer tax from buying bitcoin, cryptocurrency has become a lot more popular over the past few weeks. The bitcoin price has appreciated in value ever since that time, but it appears the demand for altcoins is growing as well. Do not be mistaken in thinking Japanese exchanges will add just any cryptocurrency, though, as they look for established coins with potential.
It is not surprising to figure out which coins have been added to Coincheck in this regard. Litecoin has found its second wind now that SegWit activation is within reach. That is, assuming certain individuals and their mining pools do not block progress out of financial gain rather than anything else. For now, it seems as if that may be a bit of a problem since SegWit signaling has dropped below the 75% mark for the first time in over a week.
Other coins added by Coincheck include Dash and XEM. The addition of Dash is not surprising either, given its recent bull run and not-so-graceful fall afterward. One Dash was valued at 0.12 BTC at one time, yet its value has fallen to half that value as of right now. Still, Dash can bring in a lot of trading volume for Coincheck, and it is a solid cryptocurrency regardless. With a bit of fresh capital flowing into Dash from Japanese investors, the value may start to climb again soon.
The addition of XEM may seem like a strange one, yet it is far less surprising than people think. XEM is the native token of the New Economy Movement project, which has made quite an impact on the blockchain sector over the past few years. XEM has gained a lot of value ever since it was added on Coincheck, indicating the currency has a lot of merit moving forward. It is unclear if this trend is sustainable, though, as there are nearly 9 billion coins in circulation right now. That said, XEM has a market cap of nearly US$327m right now, and it is ranked as the 6th largest cryptocurrency right now, right behind Litecoin and ahead of Monero.
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