Nxttycoin Price Rises in Anticipation of Encrypted Messaging App Release

Journalist:
September 12, 2014

Nxttycoin is the official digital currency of the Nxt Mobile Applications Company, a company that is designing applications to give both Android and iPhone owners access to anonymous, encrypted messaging services. In anticipation of the upcoming release, the Nxttycoin price rose more than 40% over the past week (a trend shared by quite a few altcoins, including Nxt). CCN examines Nxttycoin and its recent price increase.

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What is Nxttycoin?

Nxttycoins serve as ownership stakes for the Nxt Mobile Applications Company (NMAC). The NMAC plans to develop smartphone applications that offer secure and anonymous messaging services that run on top of the Nxt platform. The NMAC’s first product is Cryptomessenger, which according to developers will offer “client to client encryption, anonymous messaging, message destruction,…breaking news alerts…a public chat room,…[and] intelligent emoticons all for free.” Cryptomessenger will be available for both iPhone and Android phones. Currently, the Nxttycoin community is beta testing Cryptomessenger for both smartphone platforms.

The NMAC’s Cryptomessenger app will give users a platform to chat anonymously.

Nxttycoin Price Rises More than 40% in a Week

In what is likely anticipation of the forthcoming full release of Cryptomessenger, the Nxttycoin price has risen dramatically over the past few weeks. One week ago–on September 4–the Nxttycoin price sat at 666 satoshis. Before the day was over, the Nxttycoin price spiked to 971 satoshis, resulting in a ~$4.6 million market cap. As the CoinMarketCap chart below demonstrates, the price was somewhat volatile over the next several days, which were characterized by several quick pumps followed by price decreases. Nevertheless, the Nxttycoin price continued trending upward, hitting an all-time high of 989 satoshis (its present price) on September 11, representing a 43% price increase over the preceding week. Nxttycoin’s price increase vaulted the coin to 15th in total market cap, weighing in at just above $5 million.

30-day Nxttycoin price chart from CoinMarketCap. At present, the Nxttycoin price is 989 satoshis.

Nxttycoin Price Analysis

The Nxttycoin price upswing quickened its pace over the past week–but the coin’s price has increased steadily since CoinMarketCap listed it on August 12. Considering that Nxttycoin’s value is tied to the success of the NMAC and its Cryptomessenger app, the price increase should be attributed to investor anticipation surrounding the app’s official release. As the release date (which has been postponed because the app development took longer than expected) grows closer, the Nxttycoin price has rapidly increased. Because the Nxttycoin price is–currently at least–based on speculation (as nearly all altcoins are), potential investors should prepare themselves to experience spontaneous price volatility.

Moreover, potential investors should note that Nxttycoin has yet to experience a significant pump and dump. In the current cryptocurrency landscape, an altcoin has not “come of age” until its price has been manipulated by professional traders. Unfortunately for most altcoins, a pump and dump also serves as the Grim Reaper. How a coin’s community responds to the uncertainty following the price dump is a good indication of whether the coin will survive or whether investors were just out to make a quick profit.

Investors should view Nxttycoin as an unknown quantity that represents the potential for both huge profits and dramatic losses. Whether investors choose to include Nxttycoin in their portfolio should depend on how comfortable they are with high-risk investments.

Disclosure: the author has no personal investments in or ties to Nxttycoin. Featured images from Shutterstock.

Last modified (UTC): December 17, 2017 04:45

Josiah Wilmoth @Y3llowb1ackbird

Josiah is the US Editor at CCN, where he focuses on financial markets. He has written over 2,000 articles since joining CCN in 2014. His work has also been featured on ZeroHedge, Yahoo Finance, and Investing.com. He lives in rural Virginia. Follow him on Twitter @y3llowb1ackbird or email him directly at josiah.wilmoth(at)ccn.com.