Nano Price Continues to Rise With Gains
Cryptocurrency Nano jumps by 30%. This jump is the most current in a period of huge volatility for the virtual currency, gaining 20% in only one day last week.
Where over $ 170m worth of Nano was stolen, the cause of the volatility is likely the BitGrail event. Representing 10 percent of the total source of Nano the event shook the market heavily. The price of one Nano fell a staggering 466%, from highs of $28 to only $6. Fear, uncertainty, and doubt of confidence in investors rushing to market and the currency. The technology behind Nano wasn't responsible for the catastrophe, however, with developers pointing fingers at the now-closed BitGrail exchange. As time has passed investors have realized this fact and returned to the falling coin looking for a bargain.
Nano (NANO) was previously called RaiBlocks (XRB) but underwent re-branding at the start of the year. Presently, the system can supposedly handle seven thousand transactions per second — a staggering improvement over Bitcoin's seven and Ethereum's fifteen- the most highly appreciated cryptocurrencies available on the market. It's able to achieve these outcomes by discarding the conventional blockchain construction entirely, with a block-lattice, essentially a two-dimensional system. It's known as a Directed Acyclic Graph (DAG) — the same technology used by popular platform Iota.
Whilst the technology underpinning Nano may be highly promising, users have reported issues syncing the desktop client and accessing their funds. According to developers, it's a problem that is being worked on, although there hasn't been a recent announcement from the team. Users desperate to check their funds may find a workaround with the introduction of an Android wallet last week.
Nano's 30% jump in price will likely not be the end of the digital currencies explosive travel, as investors take advantage of the swings to make a profit. Over time the cost will probably stabilize, but where exactly Nano will settle is not possible to predict.