Numeraire Crypto Price Pumps 150% - What is NMR and Why it's Trending

Numeraire has been making massive gains over the past 24 hours and outperforming the rest of the cryptocurrency market. According to CoinGecko, this token has surged by nearly 150% during the past day, and the trading volumes have skyrocketed.

Numeraire (NMR) up 150%

Numeraire is currently exhibiting a bullish sentiment. These gains are attracting investor attention, and it could continue spiking from the buying pressure generated from investors that are not getting action from the rest of the cryptocurrency market.

As the rest of the market drops further below, many retail investors have been left with few trading options. One of the available options is swinging with the cryptocurrencies that are pumping. NMR’s trading volumes during the past 24 hours stand at $372 million because of the buying pressure. 1

NMR is still down by 79% from its all-time high in May last year. However, it is currently registering a bullish pattern that could allow it to recover from these previous lows. The token is currently aiming at the next resistance at $30. NMR’s 7-day high currently stands at $28, while its 7-day low stands at $8.44.

What is the Numeraire network?

Numerai is offering investors a different option for investing in cryptocurrencies. The network is coming in handy for investors looking for how to invest in DeFi innovatively.

Numerai is presenting a bridge between cryptocurrency staking and traditional stock marketing investing. The network is achieving this through machine learning and predictive investing.

Numerai is unlike ordinary cryptocurrency networks. Instead of having users simply lock up their tokens and wait for returns, Numerai has a kind of tournament where thousands of scientists and stock market analysts come together to formulate algorithms that can predict stock market trends.

The analysts participate in a competition to create the most accurate way of predicting the performance of the cryptocurrency market. Numerai then takes these models and uses them through the aggregate data to automate investments in its hedge fund.

NMR can be ranked as one of the best utility tokens because users have to stake it to participate in these competitions. Users can make predictions about the stock market using the data that is provided by the network. Once these tournaments end, the network will pick out the winners and reward them accordingly.

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