The price of the NMR coin rose on Thursday, even as other cryptocurrencies declined. Numerai rose to a high of $40, the highest point since December last year. It has risen more than 267 per cent from its lowest level this year. This rebound brings its total market cap to over $163 million.
What is Numerai and why is it growing?
Numerai is one such project which is in the data science space. The platform allows developers to build machine learning models that help predict the performance of the stock market. These models can then be paired with the NMR cryptocurrency to earn rewards based on performance.
In the contest developers receive a free dataset that is made up of high quality data that is cleaned and regulated. Winners also earn prizes. As of March this year, the developers had paid out more than $40 million to their members.
So Numerai is not a blockchain project like Solana and Ethereum. this is a Tournament Which is bridging the gap between the stock and crypto market. To participate, tournament members need to purchase NMR and stake it. Overall, developers hope to create the next successful hedge fund like Ken Griffin’s Citadel Securities.
The price of NMR is on the rise as the developers announced that they are making progress on 1 million stock NMR tokens. At current prices, these tokens are worth over $30 million. It is also rising due to the ongoing pump and dump in small-cap cryptocurrencies.
NMR Price Prediction
The price of Numerai has been in a strong bullish trend over the past few days as the number of Stake tokens has surged. It hit a high of $40, the highest point since December. As a result, the coin managed to move above the crucial resistance at $18.95, which was the lowest level in January this year.
The NMR token jumped above the 25-day and 50-day moving averages, while the Relative Strength Index (RSI) rose to overbought levels. Hence, there are chances that the coin will drop to the key support level at $18.95.