Investing.com - With its recent one-week surge, Nano has been moving up the ranks of cryptocurrencies.
Thanks to a 110% gain in the past week, Nano's market capitalization of $2.09 billion makes it the 19th largest currency,
Daily trading volume recently hit a new high, and is nearing that of the top ten.
Until a month ago, Nano was known as RaiBlocks, but its founders decided to give it a more investor friendly name. Its token, the XRB, was not renamed.
Like many cryptocurrencies Nano was conceived as an improvement to bitcoin.
The goal was to have no-fee transactions in real time without the costly, energy consumption of the bitcoin mining process.
Nano's underlying technology is called block lattice. Each user in the network essentially has his own blockchain, allowing for control over the validation process. Block lattice eliminates mining, fees and wait times.
Nano has traded over $16 during its recent rally, but has yet to reclaim its late January high of almost $21.