Nxttycoin price rises after Encrypted Messaging App release

Nxttycoin is the official digital currency of the Nxt Mobile Applications Company, a company that is designing applications to give both Android and iPhone owners access to anonymous, encrypted messaging services. In anticipation of the upcoming release, the Nxttycoin price rose more than 40% over the past week (a trend shared by quite a few altcoins, including Nxt). CCN examines Nxttycoin and its recent price increase.

What is Nxttycoin?

Nxttycoins serve as ownership stakes for the Nxt Mobile Applications Company (NMAC). The NMAC plans to develop smartphone applications that offer secure and anonymous messaging services that run on top of the Nxt platform. The NMAC’s first product is Cryptomessenger, which according to developers will offer “client to client encryption, anonymous messaging, message destruction,…breaking news alerts…a public chat room,…[and] intelligent emoticons all for free.” Cryptomessenger will be available for both iPhone and Android phones. Currently, the Nxttycoin community is beta testing Cryptomessenger for both smartphone platforms.

Nxttycoin Price Rises More than 40% in a Week

In what is likely anticipation of the forthcoming full release of Cryptomessenger, the Nxttycoin price has risen dramatically over the past few weeks. One week ago–on September 4–the Nxttycoin price sat at 666 satoshis. Before the day was over, the Nxttycoin price spiked to 971 satoshis, resulting in a ~$4.6 million market cap. As the CoinMarketCap chart below demonstrates, the price was somewhat volatile over the next several days, which were characterized by several quick pumps followed by price decreases. Nevertheless, the Nxttycoin price continued trending upward, hitting an all-time high of 989 satoshis (its present price) on September 11, representing a 43% price increase over the preceding week. Nxttycoin’s price increase vaulted the coin to 15th in total market cap, weighing in at just above $5 million.

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