As we had expected a few weeks ago, the rebrand from Raiblocks to Nano has effectively taken place. While some people may not be too happy with the new names, it sounds a lot more professional.As a result, we also see the Nano price surge in value. Thanks to a solid 8.84% gain in USD value, the nano price now sits at just over $18. It is possible this value will drop again, though, as Bitcoin is crashing hard.

Nano Price is on the Move Again

Rebranding from Raiblocks to Nano is an interesting decision, although one that draws a mixed response from the community. People had gotten used to the Raiblocks name first and foremost. While Nano sounds a lot more professional, it also doesn’t explain too much about the project. It’s a name which can easily be overlooked by people who are not active in the world of blockchain or cryptocurrency. Nano is a term widely used to indicate different types of products, and it’s possible this new name will not work out all that well for the former Raiblocks.

So far, it seems the name change is working in Nano’s favor. While all of the other cryptocurrency markets are losing value once again, the Nano price is effectively going up. Thanks to a solid 8.84% increase in USD value and a 14.51% gain in BTC ratio, things are looking pretty solid for XRB right now. It is also good to see the Nano rebrand not affect the XRB abbreviation across the exchanges, although that may still come to change in the future.

This sudden surge in Nano price takes a lot of people by surprise, for obvious reasons. More specifically, it is the only currency to note any substantial gains as of right now.With the Bitcoin price taking a massive beating as of right now, it is only normal the USD value of all other cryptocurrencies will be affected. In the case of the Nano price, the opposite effect is happening, although it seems unlikely this trend will continue for much longer. All markets will follow Bitcoin eventually, and Nano will be no exception whatsoever.

With $55.15m in 24-hour trading volume, it is impossible to speak of any massive demand for Nano right now. It is possible the rebrand has thrown a few people off their game, but that situation should sort itself out sooner rather than later. This current volume is still respectable enough to warrant the current Nano price increase, but without more volume, the price will easily dip to $16 or lower again before the day is over.

Surprisingly, KuCoin is the leading trading platform for Nano as of right now. This is somewhat unusual, even though KuCoin is one of the last non-KYC exchanges still standing. BitGrail is in second place, but this has a lot to do with the company recent decision to force users to close their accounts. As such, they also need to sell all of their assets for Bitcoin, including Nano. KuCoin is in the top three again with their ETH pair as well. No new money is entering the Nano ecosystem as of right now, which is always a bit of a problem.

It is unclear what comes next for the Nano price. Although this current momentum is significant, there are weak fundamentals in terms of trading volume. Moreover, the ongoing Bitcoin price onslaught will eventually affect the Nano price as well, unless the altcoin can keep improving its XRB/BTC ratio in the coming hours. It’s an interesting market to keep an eye on, but no one should expect any major miracles to occur either.