The cryptocurrency markets are seeing some healthy growth now that the Bitcoin Gold snapshot is well behind us. In fact, Bitcoin is perhaps the only major cryptocurrency to be struggling right now, which is not entirely surprising. Altcoins have been suppressed for some time now and they are finally mounting a comeback. The NEO price in particular is seeing major growth.
NEO Price Rebounds Strongly
The past week has not been all that kind to most alternative cryptocurrencies. All altcoins have been bleeding value left, right, and center, even though there was no real reason for that momentum. Then again, a lot of people wanted to partake in the Bitcoin Gold hard fork and ensure they would be eligible to receive BTG when the blockchain snapshot was taken.
That being said, those altcoins are certainly mounting a comeback right now. The NEO price is noting a particularly strong gain, which is to be expected after last week’s losses. NEO’s value has been fluctuating quite a bit over the past seven days, allowing traders to make some good money along the way.
More specifically, the NEO price has gone from US$31.50 to US$26 and back to US$30.63 over the course of seven days. It is good to see a return to over US$30 right now, as it represents a 12.34% gain in USD terms. It is also worth noting the NEO price regained 15.25% in value against Bitcoin itself, which further confirms the strong momentum in place right now. Rest assured these impressive gains will be met with some resistance along the way, as there are plenty of bagholders looking for an exit right now.
On the trading volume front, not much has changed for NEO. While it is true the trading volume has increased a bit, US$61.37 million in 24-hour volume is not spectacular whatsoever. If NEO were ever to reach US$100 million or more in volume, things would certainly get a lot more interesting. Right now, it seems the low volume is more than sufficient to keep things going, but that situation may come to change at some point.
It is also worth mentioning that Bittrex is still the largest exchange for NEO right now. Binance is a close second, with Bitfinex well behind in third place. The addition of NEO to Bitfinex was initially met with a lot of enthusiasm, but the exchange will be leaving the US market very soon. Once that happens, things will be slightly less positive for any currency relying heavily on this platform for trading volume. It will even affect Bitcoin trading as well, although the full impact remains to be determined.
Taking all of these factors into account, it will be pretty interesting to see what the future holds for the NEO price. Right now, the momentum is keeping the price well above US$30 with relative ease, but things can always change in a matter of minutes. Whether or not we will see a NEO price of US$35 later this week remains a big question for now. Always remember to take small profits over small losses, as there will always be new opportunities on the horizon.