A rather unknown cryptocurrency currently crowns Bitvavo, the popular Dutch crypto exchange. It is Numeraire (NMR), which has been by far the most traded cryptocurrency on the Dutch exchange over the last 24 hours.
NMR’s trading volume increased by about 30% to about $28 million in the last 24 hours. That’s about 45% of the total trading volume Bitvavo accounts for today. But what exactly is numeraire and why is this digital currency suddenly so popular?
What is Numberary cryptocurrency?
Numeraire, also known as Numerai, is all about artificial intelligence (AI). Running on Ethereum (ETH), the platform creates a decentralized place for data scientists to experiment, generate and measure forces.
The project is currently attracting attention with a competition for data scientists machine learning Try to predict the stock market as accurately as possible. Depending on how accurate their predictions are, the scientists can then earn rewards through the platform. In total, more than 35 million US dollars in bonuses have already been paid out on Numerai.
It might also be interesting to mention that Numerai is the very first crypto project ever created by an investment fund.
NMR price surges on Bitvavo
But why is NMR suddenly so popular on Bitvavo? This probably has to do with the huge price increase yesterday.
For a long time, the token dangled just above the $10 mark, but shot to a high near $25 yesterday. That’s an increase of almost 150%. At the time of writing, NMR price is $21.5, still up more than 90% this week. In fact, Numeraire was launched back in 2015 and is currently among the top 200 coins with a market cap of $137 million.
AI projects are generally doing very well this year, as are other AI cryptos. Take Fetch.AI (FET) for example: This token is up more than 9 percent in the last 24 hours. FET can also be traded on Bitvavo.
If you don’t have an account at Bitvavo yet, you can now benefit from a nice welcome bonus. Through registration via this link You will receive 10 euros free of charge on your account.