As is to be expected on a Monday, most cryptocurrency markets are in the red once again. There are a few exceptions in this regard, as the NEO price is up by 9.63% compared to 24 hours ago. This is mainly possible thanks to its significant gain against BTC, which is something very few currencies can boast right now. Whether or not the NEO price will be able to sustain this momentum for another few days is difficult to predict.
NEO Price Approaches $160 Again
With so many currencies in the red once again, it is almost surprising to see NEO in the green. At the same time, cryptocurrencies respond in very different ways whenever market volatility occurs. In the case of NEO, the current volatility hasn’t caused its value against BTC to drop, so its price has remained stable and even gone up. In fact, we’ve seen a NEO price increase of 9.63% over the past 24 hours, which is rather significant.
Additionally, we’ve seen the NEO/BTC rate improve by 14.43% in favor of the altcoin. That in itself is rather significant, as it may indicate we’ll see the NEO price head to US$170 rather soon. Right now, NEO is worth US$160, which is significantly more than it was about a week ago. It is evident that reaching a new all-time high is only a matter of time, although all cryptocurrency markets are subject to volatility.
The big question is why this sudden demand for NEO has arisen. The project certainly has a lot of merit, but there is nothing that sets NEO apart from similar projects right now. This doesn’t mean there is no real value to NEO, but it is evident there is still a lot of work to be done in this regard. Like most other cryptocurrencies, NEO’s price is currently based on hype and speculation first and foremost.
With US$449 million in 24-hour trading volume, things are looking pretty good for NEO right now. This trading volume is almost double what it was yesterday afternoon, which seems to confirm there is a genuine demand for this specific currency as of right now. Over the past few days, we have seen the NEO price increase steadily without being pushed down again. If this keeps up, we will see a price of US$170 or even higher before too long.
Most of NEO’s trading volume still originates from South Korea’s Upbit exchange. Its 24-hour volume represents 36% of all trades, which is well ahead of Binance’s BTC and USDT markets. Bitfinex has been overtaken by CoinEgg in terms of its trading volume, although both platforms are pretty close to one another. Even though Bittrex is also a very popular exchange for NEO, its volume is relatively small.
Determining the future NEO price is pretty much impossible at this point. With this market bucking the overall cryptocurrency trend right now, it is evident there will be some manipulation moving forward. Whether or not that will be a positive or negative development has yet to be determined at this point in time. For now, it’s best to hold and see what the next few days bring.