Even though the cryptocurrency markets are still recovering from the South Korea debacle, some currencies are noting significant gains. In NEO’s case, for example, things are looking pretty solid. After the NEO price found stability above US$100 last week, its value has now soared to over US$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, all cryptocurrency market caps were “reduced” on CoinMarketCap.com about 24 hours ago. That’s because the website no longer tracks trading markets that are denominated in Korean won. Crypto markets associated with Bitcoin or other cryptocurrencies are doing just fine, and are still being factored into CMC’s global price averages. In the case of NEO, this adjustment has had very little effect, as the asset is not traded against the Korean won on any major exchange right now.
As a result, we have seen the NEO price rise above US$120 in the past few hours. It is a major breakthrough for this popular altcoin, especially considering that it was valued at US$20 not that long ago. All cryptocurrencies have seen significant growth over the past few months, and NEO is no exception in this regard. With the NEO price having risen to the three-digit range so quickly, things are certainly looking interesting.
Thanks to a 15.91% gain against USD and a 21.38% gain against Bitcoin in the past 24 hours, NEO’s market cap now sits at over US$7.7 billion. That is quite an achievement for this particular cryptocurrency, and it’s a sign that things 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 US$150 or more in the next few days. All markets are still extremely volatile right now, though, and should be treated as such.
With US$358.5 million in 24-hour trading volume, things are looking 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 24-hour trading volume has grown steadily over the past few weeks, although it is nowhere near the one billion dollar 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 its trading markets among the top 6. Bitfinex is in second place, and it contains the only fiat currency pair among NEO’s top 15. Bittrex rounds out the top three exchanges right now. 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. It’s an interesting development, although there’s no reason to think we won’t see additional Bitcoin momentum this month.
For the time being, NEO is firing on all cylinders. More specifically, this rise to US$120 is pretty significant, despite a minor retracement that occurred shortly afterwards. 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.