Even though the cryptocurrency markets are still recovering from the Korea debacle, some currencies are noting significant profits. In NEO’s case, for example, things are looking pretty solid. After the NEO price found stability above $100 last week, the value has now soared to over $120. Due to a small pullback, the NEO price is now slightly lower, but things still look pretty promising in general.
NEO PRICE RISES ABOVE $120
As most people are well aware of, all cryptocurrency market caps have been “reduced’ on Coinmarketcap about 24 hours ago. More specifically, the website no longer tracks the prices across Korean exchanges when the trading market is denominated in Korean Won. Any company trading currencies against Bitcoin or other cryptocurrencies are doing just fine as we speak, and they are still recorded to display global prices. In the case of NEO, this adjustment has had very little effect, as it is not traded against the Korean Won across any major exchanges right now.
As a result, we have seen the NEO price rise above $120 in the past few hours. It is a major breakthrough for this popular altcoin, especially when considering how it was valued at $20 not that long ago. All cryptocurrencies have seen significant growth over the past few months, and NEO is no exception in this regard whatsoever. With the NEO price rising to the three-digit range so quickly, things certainly look rather interesting right now.
Thanks to the 15.91% gain in USD value and 21.38% gain over Bitcoin in the past 24 hours, NEO’s market cap now sits at over $7.7bn. That is quite an achievement for this particular cryptocurrency, and it shows signs may continue to improve from here on out. Although it is difficult to make any accurate predictions, we may very well see a NEO price of $150 or more in the next few days. All markets are still extremely volatile right now, though, and should be treated as such.
With $358.5m in 24-hour trading volume, things look pretty good for NEO right now. Although this volume is a lot lower compared to the bigger coins, there’s no reason to dismiss it whatsoever. NEO’s trading volume has grown steadily over the past few weeks, although it is nowhere near the one billion mark just yet. Whether or not that situation will come to change in the future, remains to be determined. For now, things are progressing nicely, to say the very least.
The majority of NEO’s trading volume comes from the Binance exchange, with three of their trading markets in the top 6. Bitfinex is in second place, and they are the only fiat currency pair for NEO in the entire top 15. Bittrex completes the top three as we speak. It is evident a lot of people are switching between Bitcoin and altcoins right now, mainly because Bitcoin’s price momentum has seemingly run out of steam altogether. An interesting development, although there’s no reason to think we won’t see future Bitcoin momentum this month.
For the time being, the NEO price is firing on all cylinders. More specifically, this rise to $120 is pretty significant, despite a minor retrace shortly after. One has to keep in mind a lot of altcoins still derive value from Bitcoin. As long as the world’s leading cryptocurrency remains stuck in sideways and downward trading momentum, it will be very difficult for any altcoin to note serious gains. NEO shows it is certainly possible to do so, though, assuming traders see the benefits of the currency and are willing to take some risks along the way.