With a trend that a lot of the markets top altcoins have been following over recent weeks the Nxttycoin has seen its value increase by over 40% in this last week. The Nxttycoin cryptocurrency belongs to the Nxt Mobile Application Company, which designs applications that give access to services providing encrypted, anonymous messaging to both users of iPhone and Android devices.
The Nxt Mobile Application Company (NMAC) currently uses its Nxttycoins to act as stakes in the ownership of their company. Using its Nxt platform the NMAC is currently working on a number of different applications that will provide users with a messaging service that is anonymous whilst providing an extra layer of security.
The Cryptomessenger will be the first of the apps to be released by the NMAC and will include a range of features like a public chat room, breaking news alerts, emoticons that act intelligently, message destruction, anonymous messaging and encryption between clients. Both Android and iPhone users will be able to use this new app from the NMAC. Cryptomessenger for both platforms is currently undergoing beta testing by the Nxttycoin community.
The Nxttycoin was sat at 666 satoshis after seeing a significant rise the week before and this week it has seen its market cap jump to around $4.6 million with an increase to 971 satoshis. Reaching its highest value yet of 989 satoshis on 11th September the Nxttycoin spent a number of days prior to this moving in a fairly volatile manner with a number of bursts followed by sudden drops although this has given it an overall rise of about 43%. With a market value of over $5 million this has boosted the coin to 15th place in the cryptocurrency rankings.
It is highly likely that the expectation for the release of the new Cryptomessenger app is the most likely reason for the steady increase in the value of the Nxttycoin as it is directly related to how well the NMAC is doing. The price rise appears to have occurred the closer the company have come to releasing the new app and because the release had been pushed back as the developers had taken longer than they thought to complete the app. Sudden volatility of the price, however, is highly likely as the Nxttycoin is, like all other cryptocurrency, based upon investor speculation.
The pump and dump strategy that has afflicted so many other altcoins, however, has yet to be seen with the Nxttycoin and this is something that many investors are being advised to look out for as this can often sign a death sentence for most altcoins.
If this sudden spiral downward should occur it will usually determine whether the investors were just in it to make a little easy money or whether the Nxttycoin community will rally together and protect their cryptocurrency.
As with any high-risk investment though the Nxttycoin will either give investors the change to make big profits or huge losses but for now the coin remains an unknown quantity.