Alternative digital assets are attracting widespread interest from investors; NavCoin, a crypto whose mantra is simplicity, has seen a 4000% increase in trading volume and a near 100% increase in its value since the start of February.
As of Tuesday afternoon, NavCoin is worth $1.85 and has a market cap of $115,2901,926. On Monday, the coin reached highs of $2.12, marking a near 90% rise for NavCoin which had previously traded at lows of $0.97 on the 6th of February.
The coin’s trading volume rose by 3,955% from $517,988 on Sunday Morning to a high of 21,008,100 early on Monday. The trading volume has since parred to $2,964,390.
Like most cryptos, NavCoin was created to make rapid, cross-border payments easily and at low cost. However, NavCoin’s goal is to become an application that can be used for everyday purposes.
On their whitepaper, the company said:
“Nav Coin’s Navtech system provides users with a simple way to protect their financial privacy. It is easy to use, and transactions arrive at their destination within minutes of being sent.”
As cryptocurrencies and blockchains begin to attract serious investment from mainstream sources, NavCoin, which prioritises security and simplicity, could become a hot digital asset for investors with little knowledge or background in the subject matter. The sudden increase in trading volume might indicate a single, large-scale purchase.
Bitcoin volume hit its highest level for nearly a month on the 9th of February as positive regulatory news increased market confidence in the digital asset.
Although NavCoin are working on developing an exchange for directly converting fiat into NAV tokens, at present the coin has to first be changed into Bitcoin or Ethereum. The Hong Kong-based exchange Binance has over 50% of the market share for trading NAV tokens but it can also be bought on Cryptopia and Bittrex.
The NavCoin development team are also undergoing production of a blockchain platform called Valence as well as developing NavMorph, an exchange programme which enables users to send supported cryptocurrencies privately.
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