Things are looking up once again for most cryptocurrencies. Even though there is still a very long way to go, things are certainly moving in the right direction. The NEO price is now US$140, which represents a 10.45% increase over the past 24 hours. It’s an interesting development, although things are not as black and white as they may seem.
NEO Price Starts to Regain Momentum
It is always interesting to see how things evolve in the world of cryptocurrency. Especially when it comes to altcoins, the markets tend to move in ways most people wouldn’t expect them to. It is evident there is a lot of money to be made in crypto, especially when you flip the right altcoins. With the NEO price headed back to above US$140, the momentum is turning in favor of cryptocurrencies once again.
The NEO price has been hovering near US$140 all week. There was one major dip to US$113.37 earlier this week, but it seemed that dip was bought up fairly quickly. People who bought NEO at that lower price made a nice chunk of change in 48 hours or less. This doesn’t necessarily mean now is the best time at which to place more buy orders, but one never knows how things will play out. After all, this altcoin reached a value of over US$190 not that long ago.
With the NEO price seemingly stable around US$140, it will be interesting to see how things evolve. The latest 10.48% price gain and 7.2% increase over Bitcoin during the past 24 hours is pretty significant. Especially for those people who buy altcoins as a way to increase their BTC holdings, NEO has proven to be a solid bet in recent weeks. If the NEO price continues to go up in value, it seems the NEO/BTC ratio will continue to improve in favor of the altcoin.
Thanks to US$525 million in 24-hour trading volume, the current NEO uptrend can be sustained for quite some time to come. Even though NEO has never been a highly-traded altcoin compared to some other markets, no one can deny it has a certain appeal. While it seems unlikely that this currency will ever rival Ethereum in terms of technology and value, things may turn out very differently. After all, it took Ethereum several years to hit a four-digit value, and NEO is certainly capable of doing the same.
With most of NEO’s trading volume still coming from Upbit, it’s clear that South Koreans have shown growing interest in this particular altcoin. Binance is also a popular exchange on which to trade NEO, as its BTC and USDT markets have both generated over US$55 million in trading volume in the past 24 hours. Currently, the largest USD market is Bitfinex’s market with US$43.6 million in volume. With the Bitcoin price still somewhat stuck in sideways momentum right now, it is only normal that people will look to altcoins.
It is unclear what the future holds for the NEO price. While the recent gains cannot be dismissed whatsoever, there is no reason to think this trend will remain in place for the coming days. All cryptocurrency markets are still extremely volatile right now, and the momentum could easily swing back in the bears’ favor. If the uptrend keeps up, the NEO price will hit US$150 in the near future, though it could just as easily head to US$125 again.