Nano Price Analysis
Before analysing Nano price, let's understand what it is. Nano is a digital decentralized currency created back in 2015 by Colin LeMahieu. Previously, it was known as RaiBlocks. It is similar to Bitcoin in that it uses a blockchain to track transactions, but it has several differences that make it unique.
One of the most notable differences is that it is designed to be a "lightweight" currency. That means it is intended to be very efficient in terms of storage and transaction processing. Nano also has no fees associated with transactions and is designed to be scalable to a much larger number of users than Bitcoin.
Since its launch, Nano has seen a steady increase in price. However, it has not reached the level of mainstream adoption that would be necessary for it to become a truly global currency. Interestingly though, the currency's use has increased in recent months, particularly in Africa.
Major uses of Nano currency
Nano currency can be used to purchase goods and services online, or it can be held as an investment. It is also being used by some organizations for raising funds through ICOs (initial coin offerings). In addition, the digital currency is also used to send money to family and friends.
Nano price fluctuations since its creation
Since its inception in 2015, Nano (NANO) has undergone several price changes. In December 2017, NANO reached an all-time high of $37.62. However, prices soon began to drop, and by September 2018, it had fallen to $0.65. In the past year, prices have fluctuated between $0.50 and $2.00.
Despite the volatility, Nano has shown some stability over the years. In 2019, the average price was $1.02, and in 2020, it was $0.90. In 2021, the average price was $1.21.
Current Nano price
The current price of Nano is $0.64, with a trading volume of $1,302,822. In the last seven days, prices have ranged from a low of $0.58 to a high of $0.78. Nano is still a relatively new currency, and it is likely that the price will continue to fluctuate in the future. At the moment, Nano has a market cap dominance of 0.009%.
Why the high fluctuations in Nano price?
The main reason for the price changes is the supply and demand of the currency. When there is greater demand than there is supply, prices go up. When there is greater supply than demand, prices go down.
Nano is not currently being traded on any major exchanges. Nevertheless, it is available on a few smaller exchanges, such as Mercatox and Binance DEX. The best way to get accurate price information is to check a variety of sources. CoinMarketCap is a good starting point, as it aggregates data from various exchanges.
Up-to-date information on Nano price will ease your decision-making when it comes to making major digital investments online.
Author: Rose Kigwaini
Rose Kigwaini is a passionate award-winning content writer who specializes in SEO editorial and blog content for websites. She is a fervent learner and enjoys learning new skills whenever an opportunity arises.