NEXO pumps 9% and can extend its previous gains and gain additional positive traction around the $1.04 level. The reason, however, could be attributed to the broader crypto market, which is slowly recovering from its recent decline. Bitcoin (BTC), the world’s most popular and valuable cryptocurrency, began to show signs of recovery early Tuesday morning.
This was another key indicator that the cryptocurrency market was on the mend. Furthermore, the Nexo coin gained additional traction after Nexo, a major cryptocurrency lending platform and exchange added a new feature to its platform called “the Nexo Booster.”
Furthermore, the team announced its plans for the upcoming Ethereum Merge fueled NEXO’s rise.
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Nexo Pumps 9%
The NEXO/USD pair is currently trading at $1.04, with a 24-hour trading volume of $52 million. Nexo gained 6.77% the previous day and 9% in seven days. Nexo is now ranked #71 in the market, with a market capitalization of $560 million. There are 1 billion NEXO coins available, but only 560 million are currently in circulation.
Crypto Market is Recovering
On August 30, the global crypto market capitalization increased slightly but is still far below $1 trillion. Bitcoin (BTC), the world’s largest and most valuable cryptocurrency, showed modest recovery early Tuesday morning, following a significant drop that saw its value fall below $20,000 over the weekend.
Furthermore, the majority of well-known cryptocurrencies, such as Ethereum (ETH), Dogecoin (DOGE), Solana (SOL), Litecoin (LTC), and Ripple (XRP), made minor gains during the day. As a result, the modest gains in the crypto market were viewed as one of the key factors keeping Nexo prices higher.
Nexo Booster & Upcoming Ethereum Merge
Nexo Booster is a brand-new feature added to the website of Nexo, a well-known cryptocurrency lending platform and exchange. The Booster, introduced earlier this year as a component of the Nexo app, is now ready to provide extra features and allow online users to increase their holdings on the platform.
The Nexo Booster extends the platform’s leverage trading capabilities, allowing customers to buy up to three times as much of the item they desire. As a result, this feature has played a significant role in the Nexo coin’s bullish rally.
Ethereum Merge
The team’s disclosure of its plans for the upcoming Ethereum Merge caused NEXO to rise even further. The group claimed to favor the Ethereum Proof of Stake (PoS) transition. Nexo will, however, evaluate distributional assistance and logistics in the case of Proof of Work (PoW) forks.
If the network is stable and has a high user value, Nexo will deposit the forked tokens into its users’ accounts.
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