Most major cryptocurrencies are finally noting some gains again after another rough weekend. The past three weeks have been filled with ups and downs for all major currencies, including Bitcoin and Ethereum. NEO is one of those currencies still worth keeping an eye on despite some big dips lately. Right now, the NEO price is up 6.83% over the past 24 hours.
Due to the recent Chinese ICO regulations, the NEO currency has gone through a very rough patch these past few weeks. Its all-time high value seems light years away right now, and the NEO price remains pretty volatile on a daily basis. As of today, it seems things are headed back in the right direction, although no one knows for sure how long this momentum will last. All cryptocurrency markets are still prone to sudden dips, and this altcoin is no different in that regard.
To put the current trend in perspective, the NEO price dipped to US$16.86 a few days ago. That is a remarkably low value for a currency which was valued at well over US$25 not too long ago. Then again, the Bitcoin price is still struggling to reach US$4,000 and more, which will continue to affect all other currencies for quite some time to come. Right now, the NEO price is hovering around US$20.85, which is a significant increase from two days ago.
With the 6.83% price increase, NEO has also reentered the list of the top 10 cryptocurrencies by market cap, having overtaken Ethereum Classic. There is still a lot of work to be done if this momentum is to be sustained, however. Temporary gains and losses mean very little in the world of cryptocurrency, as such developments occur on a nearly daily basis. If NEO can get to US$21.50 or higher and stay there for a few days, things will start to look a lot better.
It is rather remarkable how the NEO price increased by so much despite a rather low 24-hour trading volume. With just over US$14.5 million in daily volume, most of NEO’s trading activity is taking place on the Bittrex and Binance exchanges. Both platforms combine for over 70% of NEO’s trading volume, which is an interesting development. Until the “Ethereum of China” can be traded against CNY again, that situation will not change anytime soon, by the looks of things.
Additionally, it is worth noting NEO isn’t just gaining value in USD terms right now. It also regained 3.47% of its value compared to Bitcoin directly. That’s a rather intriguing development, considering Bitcoin itself is trying to stabilize and make up lost ground as we speak. Whether or not NEO will sustain this trend against Bitcoin itself remains to be seen. In the end, all altcoins derive value from the Bitcoin price first and foremost.
Things are looking pretty positive for the NEO price right now. Its trading volume is pretty small, yet the currency successfully surpassed the US$1 billion market cap once again. Although it is doubtful we will see a new all-time high anytime soon, NEO’s positive momentum will hopefully be maintained regardless. The last thing we need right now is more cryptocurrency market volatility, as the past few weeks have brought us more than enough of that.
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