Bitcoin is winning applause after surging more than 25 percent in a week. But there is another cryptocurrency that is giving the world’s leading digital asset a fierce competition at its own game.
Energi (NRG), a relatively unknown digital asset, has emerged as the most profitable cryptocurrency this week. The NRG/USD exchange rate, at the time of this writing, stands at $9.26, which is 117 percent higher than the last week. In the previous 24 hours alone, the pair has posted gains of more than 54 percent, according to data compiled by CoinStats’ crypto portfolio tracker app.
At the same time, NRG appears stronger against an already-strong bitcoin. The past 24 hours have witnessed the NRG/BTC pair surging almost in tandem with the NRG/BTC pair.
The NRG price boom is clueless about its roots. A quick search on Google/Twitter did not introduce us with a single substantial fundamental that could be boosting the NRG price to its tropospheric highs.
Atop that, exchanges hosting the NRG-enabled pairs are only a handful, and two of them jointly covers more than 95 percent of the total NRG trading volume noted in the last 24 hours. That indicates that NRG price boom could be the result of insider trading. As of now, its only a preventive analogy.
That said, there is a likelihood of NRG crashing hard, now when bitcoin’s strong fundamentals are increasing its market dominance over altcoins. NRG could hit hard and eventually bring forth a classic pump-and-dump action. Therefore, it is advisable to avoid purchasing the coin at fresher highs.