NEM price plummets in the wake of launching the developer catapult beta: A blockchain engine with fully fledged features

The catapult beta blockchain will enable the creation of digital assets, decentralized swaps and business logic.

XEM/USD trading volume drops by half in the last couple of days.

NEM is down 10% in the last 24 hours in a bearish cryptocurrency market. The troubled cryptocurrency has been working hard to recover its price after starting the year on the wrong foot. The price slightly improved after Coincheck cryptocurrency exchange reimbursed the customers who lost their XEM in the hacker attacked in January this year.

Most of the customers are still sceptical about NEM being secure. The digital company has launched a catapult beta blockchain that will be accessible to developers only at this stage. The catapult is essentially a completely-featured blockchain engine that is used to power both public as well as private networks utilizing specialized smart contracting plugins. Besides, the plugins enable the creation of secure digital assets, decentralized swaps and business logic modelling among other things.

NEM market capitalization has remained steady despite the negative sentiments in the market. Its market capitalization has maintained above $2.5 billion for more than one week now after dropping $3.0 billion. On the contrary, its trading volume has dropped by half in the last two days from $71 million to $38 million.