If Bitcoin thrives, so do virtually all other major currencies. NEO is no exception in this regard, even though the altcoin has seen a pretty solid run over the past few weeks on its own accord. As of right now, the NEO price is closing in on the US$37 mark once again. That is a solid improvement compared to just a few days ago, to say the very least.
NEO Price Continues to Rock on
A lot of people have kept an eye on the NEO price for obvious reasons over the past few weeks. It is one of those altcoins with a lot of promise, even though it experiences its fair share of rough patches every now and then as well. More generally, the cryptocurrency markets have seen a tremendous amount of volatility throughout October, but things are finally coming together in a positive manner right now.
One should keep in mind the past week has been filled with ups and downs as far as the NEO price is concerned. With the price swinging from US$37.50 all the way down to US$29 and back up to US$36.70, there has been a lot of opportunity to profit from flipping this currency. Although it remains unknown how many traders have effectively done so, no one can deny it is an option more than worth exploring right now.
Anyone who holds a diversified cryptocurrency portfolio will want to pay attention to the NEO price right now – that is, assuming they aren’t doing so already. Although NEO is still a fair bit removed from setting a new all-time high, things have certainly moved in the right direction. These past few days have resulted in a price gain of over US$7 per NEO, which is pretty spectacular. Few coins can effectively gain 20% in value over the course of seven days without crashing directly afterward.
That being said, there is no guarantee that the NEO price will remain at this level for the foreseeable future. While the momentum is clearly in favor of this altcoin, most of the gains can be attributed to increases in the Bitcoin price. If Bitcoin were to retrace in the coming days, it is not unlikely the NEO price would be affected in a negative manner as well. It is still too early to tell how things will evolve in that respect.
With just US$60.89 million in 24-hour trading volume, the NEO markets are still subject to a fair amount of manipulation. After all, it doesn’t take a ton of money to make the NEO price go up or down at the moment. Not every cryptocurrency needs a significant amount of trading volume to be successful; that much is certain. Moreover, the NEO trading volume has always been on the low side and it doesn’t appear that situation will be changing in the near future either.
Binance is the exchange to be on when it comes to buying or selling NEO right now. It controls over 31.06% of the NEO trading volume, although Bittrex and Bitfinex are not far behind in this regard. All of these markets value NEO at nearly the same price, which is a positive sign. All of this points to a healthy future for the NEO price, although it is always advised to remain somewhat cautious.