It is safe to say most cryptocurrency markets are actively recovering as we speak. Although it is still too early to tell whether or not this trend can be sustained, things are looking pretty good for some digital currencies right now. In particular, the NEO price is getting a lot of attention, thanks to its 19.82% increase overnight. Moreover, the altcoin has gained 15.37% in value against Bitcoin, which is pretty interesting.
NEO Price Trend Continues for now
In a way, it is a bit surprising to see the NEO price trend continuing as we speak. Although we had seen some positive momentum just yesterday, it was unclear if that momentum could be sustained for more than a few hours. After all, NEO doesn’t have a lot of trading volume compared to a few other major cryptocurrencies, which is pretty surprising. Now that the NEO price continues to head upward, that situation may come to change sooner rather than later.
More specifically, the NEO price has increased to US$25.77 as of right now. That represents a 19.82% increase over the past 24 hours, which is by far the biggest gain any of the top cryptocurrencies have noted during the same period. Considering how NEO was priced just slightly above US$20 just yesterday, it is evident that was only the beginning of what this altcoin has to offer. It is always best to remain cautious when it comes to alternative cryptocurrencies, though, as nothing has been set in stone whatsoever.
What is rather surprising is how the NEO price trend was made possible despite low trading volume. Right now, NEO is seeing US$103.2 million in 24-hour trading volume, which isn’t terrible. However, it is also a far cry from what currencies such as Litecoin, Ethereum, and Bitcoin bring to the table these days. Then again, NEO has never needed a massive amount of trading volume to be appealing to cryptocurrency traders, investors, and speculators.
Most of the NEO trading volume comes from the Bittrex exchange, which represents over 45% of all trades with its BTC market. The company’s NEO/USDT market is also pretty popular, as it generated 14.17% of all trades over the past 24 hours. Bitfinex is the only other exchange providing major trading volume for NEO right now. It is worth noting that particular market is the NEO/USD offering, which shows people are more than willing to spend US dollars on this altcoin right now.
Considering how the NEO price has gained in terms of both USD and BTC, things are firing on all cylinders for this altcoin right now. After the turmoil caused by the PBoC and Chinese regulators, it is somewhat surprising to see NEO bounce back so quickly. Considering the currency is mainly designed to be the Ethereum of China and had been gaining a lot of traction in the country, many people expected NEO to crash completely. While the price has been somewhat volatile over the past few weeks, things are headed in the right direction for this altcoin again.
For the time being, it is unclear what the future will hold for the NEO price. Right now, things are looking pretty solid, but there is still a lot of volatility haunting the cryptocurrency markets right now. Maintaining the US$25 mark will be a big challenge for NEO for the time being, although it is not impossible we would see more gains over the next few days. Rest assured there will be a lot of speculation in this market for quite some time to come; that much is certain.