In an unexpected move, NEM, the multiple vertical applications Blockchain, jumped two places up to become the fifth most valuable cryptocurrency. With a mountainous 78.10 percentage upsurge, it overtook Ethereum Classic and Dash to sell at $0.129600. NEM's Market Cap is now over $1.1 bln.

NEM and Ethereum Classic in a couple of weeks have been fighting an epic battle over the number sixth position on CoinMarketCap for over two weeks now. It was a pendulum affair, as each one kept overtaking one another.

Overtaking ETC and Dash

However, to overtake Ethereum Classic and go ahead to dislodge Dash, the darling boy, is very surprising to many. This is an indication that NEM is being taken seriously by the global cryptocurrency and Blockchain community.

In an interview with the Cointelegraph in February this year, NEM.io Foundation’s President Lon Wong stated that people are beginning to slowly see that NEM is moving along fine.

He also mentioned that there is an establishment of a foundation (NEM.io Foundation Ltd) that is going to oversee the global development, promotion and marketing of the NEM Blockchain solutions to academia, governments and industries.

Meteoric rise

It will be recalled that, prior to moving into the top 10 on CoinMarketCap in early 2017, NEM and the Scottish Darling Boy, MaidSafeCoin were involved in an intensify battle over the tenth spot. But the moment it gained a foot in the top 10, NEM has not looked back.

Cointelegraph is pretty sure NEM holders are laughing all the way to their various Crypto 'banks' to check how fat their balances have grown. To gain almost 80 percent in growth is impressive and refreshing for every outfit out there.

In the meantime, it is expected that the other two cryptos that were overtaken will not give up the chase, especially fast growing Dash. However, the gap between Dash and NEM is more than a colossal $4 mln. Well, if you have been in this space for some time, then you are beginning to realize anything can happen overnight.

Concerning what has leapfrogged NEM to the fifth position, Cointelegraph will definitely reach out to the NEM.io Foundation to update you. At the moment, it is all merry making for NEM holders and the team.