The past 24 hours have been pretty crazy for all cryptocurrency markets. With everything regaining a lot of lost value, things are looking particularly good. The NEO price comes out on top of the market in terms of 24-hour gains. With a value increase of $55.26% in the past few hours, the NEO price is back above $114 as we speak. It is a temporary reprieve after a multi-week onslaught, yet we are not out of the woods just yet.
NEO Price is Surging Once Again
It is quite pleasant to see all cryptocurrency markets in the green for a change. The first five weeks of 2018 have been anything but positive for Bitcoin and all altcoins as well. As such, we have seen major currencies drop in value by as much as 35% in the past week. It seems most of these losses are now being recovered, although this may only be a temporary uptrend. All markets remain incredibly volatile right now and that situation will not change anytime soon either.
With the NEO price noting a strong gain of 55.26% over the past 24 hours, the market has suddenly turned uber bullish once again. It is also worth noting NEO regained 25.83% against Bitcoin in the same period, which is rather interesting. In most cases, the NEO/BTC ratio would effectively suffer from major losses when Bitcoin goes up in price again. So far, that has not happened whatsoever. It is good to see altcoins bounce back so strongly, although it remains to be seen how things evolve in the coming hours.
It is worth noting the NEO price has seen a nice roller coaster ride over the past seven days. With its value surpassing $140 a week ago and then quickly dropping to $65, the NEO price has been on a lot of people’s radar for many different reasons. With this low price point becoming apparent, a lot of people bought NEO as a way to further diversify their portfolio in the process. A lot of money will be made throughout 2018 for those who buy cheap and hold long-term.
With $725m in 24-hour trading volume, there is a solid demand for NEO as of right now. Most altcoins have suffered from a diminishing trading volume during the recent market onslaught. NEO was no exception in this regard, but it seems the money is pouring in once again. Again, this may very well be a temporary reprieve, as we have seen some attempts at recovery over the past week. Every time the market is growing too quickly again, people start liquidating assets to keep prices down for a bit longer.
NEO is primarily traded on the Upbit exchange as of right now, as it leads in trading volume. Binance and Bitfinex complete the top three. While there are two fiat currency pairs in the top three right now, it is evident there is a lot of fresh money pouring into the cryptocurrency ecosystem as a whole. Without fresh capital, the markets will eventually stall and possibly retrace once again. For now, things are looking pretty solid, but it is evident there is still a lot of work to be done in the coming hours, days, and weeks.
The current NEO price gains offer a welcome change, but it remains unclear if this is only the beginning of what is yet to come. Most people acknowledge 2018 cans till be a very good year for cryptocurrencies, although that may not automatically result in solid Bitcoin price gains. So far, we see the Altcoins surge in SUD and BTC value despite Bitcoin recovering hundreds of dollars in value on its own accord. A more diverisifed ecosystem can only be considered to be a good thing, though. Rest assured things will get very interesting in the next few weeks and months.