Even though fewer people have paid attention to NEO over the past few days, there was some good money to be made. More specifically, the NEO price has surpassed the $74 mark for the first time in history. This is quite a sufficient increase, considering how it has been pretty difficult for the NEO price to surpass $50 not that long ago. Cryptocurrency markets remain highly unpredictable and there are still plenty of fireworks to come in the coming months.
NEO Price is Surging Quite Hard
No one will deny it is almost possible to buy any altcoin today and expect big profits in a week from now. That is, assuming the Bitcoin value doesn’t tank in any significant manner. Even if it does, however, most altcoins seemingly don’t care about this price change associated with Bitcoin whatsoever. In the case of the NEO price, the value is soaring for quite some time now and it seems this momentum will not run out anytime soon either. Especially now with a new all-time recorded a few hours ago.
To put this into perspective, the NEO price has been on quite a tear over the past week. On December 12th, the NEO price was $36.5, which is still pretty spectacular. However, things have shifted into a higher gear ever since, and we now have a NEO price of just over $74. Very solid gains for this particular altcoin, although it seems this may have something to do with the few ICOs being hosted on top of this network in recent weeks. There are still people who hope NEO can surpass Ethereum in value, although the jury is still out on this front.
Thanks to a 29.04% gain in USD value and 34.71% gain over Bitcoin, things are looking pretty good for NEO right now. As is the case with any cryptocurrency surging in value, there will be plenty of people looking to take profits sooner or later. It seems this will not affect the NEO price anytime soon, though, as there have been a few dips on the chart in the past few hours. An interesting altcoin to keep an eye on, that much is certain.
With over $519.35 million in 24-hour trading volume, the demand for NEO is certainly very strong right now. Without such substantial trading value, there would be far less demand for NEO and the value wouldn’t go up in value in any significant manner whatsoever. At the same time, it seems the demand for NEO is growing, which may or may not be influenced by the ICOs launching now and in the future. It is an interesting indicator to keep an eye on over the next few months.
As one would almost expect, Bittrex is the main trading platform for NEO right now. They control 35% of all trades through their BTC, ETH, and USDT markets. Although their Bitcoin market is the largest in overall volume, Bitfinex is not too far behind, and Binance is also contributing a lot of volume. These three platforms combine generate close to 95% of all NEO trades throughout all of their markets, which is pretty interesting. So far, this doesn’t have any negative impact on the NEO price just yet.
It will be interesting to see how high the NEO price can go in the coming weeks and months. At this pace, surpassing a price of $100 doesn’t seem impossible. All cryptocurrencies are firing on all cylinders as we speak, yet this euphoric momentum cannot last forever. Whether or not the NEO price is due for a massive correction soon, remains to be determined. All rationale has left the cryptocurrency ecosystem quite some time ago.
Source: The Merkle
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