Data from Coin360 and Cointelegraph Markets showed XEM making gains of nearly 25% overnight on Wednesday, returning above $0.06 per token for the first time since August 2019.
Altcoin investors had much to celebrate on Feb. 6 as NEM (XEM) led a resurgence in the price of many major cryptocurrencies.
The move comes as other altcoins saw fresh gains, with several in the top twenty by market cap expanding by more than 10%. Tezos (XTZ) sealed monthly gains of 80%, beating even Bitcoin’s (BTC) track record since the start of 2020.
NEM hits six-month high
Ether (ETH), the largest altcoin, delivered returns of 9.5% in the 24 hours to press time, holding support above $200.
For Cointelegraph Markets analyst Michaël van de Poppe, other tokens to watch included XRP and Stellar Lumens (XLM).
While XRP’s performance had failed to impress in recent weeks, a push above $0.28 encouraged traders, with Van de Poppe noting that historically, XLM responded to XRP progress with a copycat move.
“If XRP moves, then Stellar Lumens usually follows. The XLM/BTC pair is showing signals similar to the XRP chart”, he summarized in his latest market update on Wednesday.
NEM 6-month price chart.
Despite the latest gains, XEM and others are still languishing at a fraction of their all-time highs in terms of both Bitcoin and the U.S. dollar.
This failure to recapture lost ground, last seen in early 2018, led several well-known commentators to predict the death of altcoin markets last year. Then, as now, Peter Brandt and Max Keiser, among others, focused almost exclusively on Bitcoin.
