The NMR coin price surged on Thursday even as other cryptocurrencies recoiled. Numerai rose to a high of $40, which was the highest point since December last year. It has risen by more than 267% from its lowest level this year. This rebound brings its total market cap to more than $163 million.
What is Numerai and why is it rising?
Numerai is a project that is in the data science space. The platform allows developers to build machine learning models that help to predict the performance of the stock market. These models can then be staked with the NMR cryptocurrency to earn rewards based on performance.
Developers in the competition receive a free dataset that is made up of high-quality data that has been cleaned and regularized. Winners also earn rewards. By March this year, the developers had paid out over $40 million to its members.
Numerai, is therefore not a blockchain project like Solana and Ethereum. It is a tournament that is bridging the gap between the stock and crypto ma..