As the crypto market slowed down from the crazy bull run, one altcoin gained 55% during the last week. NEM (XEM) defied this small correction and became the week’s absolute best performer among the top 100.
On Thursday, NEM spiked with 50% in less than 6 hours. The altcoin’s daily peak was the highest since November 2018 peaking at $0.108. This spike allowed XEM to make its way to the top 20 and currently it holds the 19th rank. The current NEM price is $0.089608 and the market cap is $806 405 014.
Many investors have learned to remain cautious with altcoins and sudden price surges, especially unexplained surges. XEM however, almost certainly owes its 50% surge to the newly announced partnership with Zeux.
Great news on our latest collaboration with #NEM! You can now use #Zeux to pay with #XEM on your mobile. @NEMofficial @2017Lon @Inside_NEM @frankjzhou https://t.co/QeX99jcjWe#cryptocurrency #payments #fintech #paytech #startup #cashless #massadoption #blockchain
— Zeux (@ZeuxApp) May 16, 2019
In most cases, partnership announcements are mostly centered around marketing. Marketing is kept to a minimum this time. Zeux is a fintech company operating a digital payment wallet app. The app allows users to spend the supported currencies on ApplePay and Samsung Pay. XEM will be fully integrated on May 23rd.
XEM relies on this partnership
Jeff McDonald, the co-founder of the NEM Foundation shared his thoughts on the newly announced partnership. He noted that utilizing XEM as a reliable payment option was a huge success for the blockchain network.
XEM’s price surge can also be partially attributed to the release of its 2.0 version blockchain engine, Catapult. Along with Catapult, XEM has also entirely updated its main website.
What's new in NEM version 2.0, also known as #Catapult?
Catapult is a full-featured #blockchain engine that powers both private and public networks with its unique smart contract plugins ?
— NEM (@NEMofficial) May 13, 2019
Catapult will host many new smart contract plugins and features. Eventually, they will become an integral part of the NEM blockchain network. The plugins will touch upon bulletproof digital asset creation, decentralized swaps and advanced account systems.
The development team also presented a full roadmap and the desired vision for Catapult.
Unlike most companies, the NEM Foundation openly admitted that it experienced financial struggles at the beginning of the year. The developers and the community working together, were able to go towards a new path and there are heavy expectations placed on Catapult.
There is no reliable way to chart XEM’s course from this point on. Everything from here on out will entirely depend on the implementation of the Catapult update. If the market sees the upgrade as a reliable innovation, the results will speak for themselves.
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