In a remarkable display of market momentum, the price of Numeraire (NMR), an AI-driven cryptocurrency, witnessed a staggering surge of over 17% in just slightly over an hour. The catalyst behind this meteoric rise can be traced back to the recent announcement made by renowned crypto exchange Binance. In an unexpected move, Binance declared the imminent launch of futures contracts trading for the Numeraire token.
According to reports, Binance will offer NMR futures with leverage of up to 20, with trading set to commence as early as tomorrow. While the exact motivation behind this decision remains unclear, it is worth noting that Numeraire tokens were already available for trading on Binance's spot market. Nevertheless, market observers interpreted this announcement as a definitive signal to buy, leading to a surge in demand for the AI-driven cryptocurrency.
It is worth mentioning that similar instances of abnormal price spikes have been witnessed in the past, following announcements from Binance. This time, prevailing market conditions further fueled upward momentum, with Bitcoin (BTC) itself experiencing a remarkable 11% increase since the start of the week. The optimistic backdrop surrounding the crypto market likely amplified enthusiasm among market participants to invest in NMR upon hearing the news.
What is Numeraire (NMR)?
Numeraire, built on the Ethereum platform, is a platform for developers and data scientists seeking to experiment and construct machine learning models with heightened reliability. With the growing significance of artificial intelligence and big data in today's technological landscape, tokens belonging to this sector have demonstrated significant outperformance throughout the year.