• NANO almost doubles in value in half a day.
• Musk causes Bitcoin to crash by delinking crypto payments for Tesla.
Following Elon Musk’s tweet about Bitcoin and its problems with the environment, Bitcoin suddenly fell along with other cryptocurrencies. Although the highest value cryptocurrency lost value, other digital currencies skyrocketed in price.
Tokens that are self-promoting and environmentally friendly gained fame after Musk’s announcement. Tesla is promoting a greener crypto environment; and alternative cryptocurrencies are expected to help.
The time has come for NANO
Among the winners of this ecological movement is NANO, a cryptocurrency that tags itself as “sustainable.” Motivated by Musk’s words of encouragement on SNL, the cryptocurrency nearly doubled in price. This cryptocurrency went from a value of $8.44 to $16.32 in less than 12 hours, a milestone for the altcoin.
This movement that Musk caused in cryptocurrencies is dramatic, which is why crypto enthusiasts predict that it will not last long. For the investors who soaked up the news and bought NANO, they benefited from that wild hike. But, it is possible that the cryptocurrency will not maintain that value but will decrease in the next few days.
The analytical tool, Vortecs Score, does not have an exact answer to all the doubts that revolve around this cryptocurrency and its current value. However, it analyzed all the status that the cryptocurrency has had since its creation as Raiblocks in 2015. The cryptocurrency changed its name to NANO in the year 2018, and since then, it has had a partial value.
The capitalization of NANO was in order until the 13th of May when it rose exponentially. The crypto market marked this price as a milestone because this cryptocurrency had reached its all-time high.
NANO enters the rally
There are many ways cryptocurrency investors can start their march with NANO to participate in the current rally. The first is based on the automatic reaction to the news to make a profit from a surprise rise. The second option is to buy the cryptocurrency and speculate when its value will decline to sell it quickly. Although the earnings per buy/sell of the cryptocurrency are not high, it is perhaps the safest scenario.
The cryptocurrency is still at a high peak in its capitalization, so it is advisable to buy tokens. NANO is likely to hit a few extra points in value before plummeting and hitting non-speculating traders. NANO is a very volatile token, like other altcoins, which can join the league of popular cryptocurrencies if investments increase.
Non-fungible tokens have also gained shares in crypto for being very eco-friendly and interactive. Some of these tokens may also raise the decentralized market, giving merchants profits.