Even though few people were paying attention to NEO over the past few days, there was some good money to be made. More specifically, the NEO price has surpassed the US$74 mark for the first time in its history. This is quite a remarkable increase, considering the NEO price struggled to surpass US$50 not that long ago. Cryptocurrency markets remain highly unpredictable, and there are still plenty of fireworks to come in the coming months.
NEO Price is Surging
No one will deny it is possible to buy an altcoin today and expect big profits in a week from now. That is, of course, assuming the Bitcoin value doesn’t tank in the meantime – though even that may not matter. In the case of NEO, its value has been soaring for quite some time now, and it seems the momentum will not run out anytime soon, especially with a new all-time recorded a few hours ago.
To put things in perspective, the NEO price has been on a tear over the past week. On December 12, the NEO price was US$36.50, which is still pretty spectacular. However, things have shifted into a higher gear since then, and we now have a NEO price of just over US$74. That’s a very solid gain for this particular altcoin, although it seems this may have something to do with the ICOs which have been hosted on top of this network in recent weeks. There are still people holding out hope that NEO can surpass Ethereum in value, although the jury is still out on that one.
Thanks to gains of 29.04% on the dollar and 34.71% over Bitcoin, things are looking pretty good for NEO right now. As is the case with any cryptocurrency surging in value, there will be plenty of people looking to take profit sooner or later. It seems that won’t be affecting the NEO price anytime soon, though, as there have been a few dips on the chart in the past few hours.
With over US$519.35 million in 24-hour trading volume, the demand for NEO is very strong right now. Without such substantial trading volume, there would be far less demand for NEO and its value wouldn’t have gone up by as much as it has. At the same time, it seems the demand for NEO is growing, which may or may not be influenced by the ICOs launching now and in the future. It is an interesting indicator to keep an eye on over the next few months.
As one might expect, Bittrex is the primary trading platform for NEO right now. It has controlled 35% of all trades in the last 24 hours with its BTC, ETH, and USDT markets. Although its Bitcoin market is the largest in overall volume, Bitfinex is not too far behind, and Binance is also contributing a lot of volume. These three platforms combined have generated close to 95% of all NEO trades, which is pretty interesting. So far, this hasn’t had any negative impact on the NEO price just yet.
It will be interesting to see how high the NEO price can go in the coming weeks and months. At this rate, surpassing US$100 doesn’t seem impossible. All cryptocurrencies are firing on all cylinders as we speak, yet this euphoria cannot last forever. Whether or not the NEO price is due for a massive correction soon remains to be determined. All rationale left the cryptocurrency ecosystem quite some time ago.