As market volatility continues to mount, investors are looking forward to a speech from Federal Reserve chairman Jerome Powell at the annual global central banking conference in Wyoming on August 26. According to CoinMarketCap data, the value of the cryptocurrency market is at $1.03 trillion, up 0.29% from the last day. Transaction volume is around $68.83 billion, down 1.43%. The native token of the Nexo platform, NEXO, managed to outperform all the top 100 cryptocurrencies.
Nexo has recorded an 11.5% increase in the last 24 hours. Waves (WAVES) is in second place with 10% and Helium (HNT) is in third place with 9%. NEXO is challenging the market as the entire market is still trying to recover from the recent drop. NEXO has been on the rise since the development team announced their strategy for the upcoming Ethereum (ETH) Merger. The group stated that Ethereum will support the Proof-of-Stake (PoS) transition.
However, should Proof of Work (PoW) forks occur, Nexo will consider logistics and assistance for deployment. If the network is robust and offers significant value to its users, Nexo will send the forked tokens to those users' accounts. According to Finbold analysts, if its rally continues at the same pace, NEXO could surpass the first major resistance level at $1,172 in the next few hours or days. However, NEXO will need the support of the cryptocurrency market to break through the psychological barrier of $1.40 for the first time since May.
Antoni Trenchev, co-founder of crypto lending platform Nexo, emphasized that the success of the Merger will play a big role in putting Ethereum in a better position. After gaining more than 2% in the last 24 hours, Ethereum is struggling to surpass the $1,700 resistance. ETH is currently trading at $ 1,639. Bitcoin (BTC) has lost 0.54% in the last 24 hours and 10.21% over the previous seven days and is currently trading at $21,347. BTC has a market cap of $409 billion. According to experts, macroeconomic conditions need to change for BTC and ETH to reach new highs. In particular, the Fed's increase in interest rates is considered to be the biggest obstacle in this process.