A lot of interesting things are happening across all cryptocurrency markets as of right now. Even though it remains to be seen if things will turn bullish or bearish again, we see a few altcoins improve upon here BTC ratio. As a result, the NEO price is moving back up a bit and now has a value of just over $135. With the Bitcoin price also rising slightly, it is evident the NEO price may head to $140 or possibly a bit higher in the days to come.
NEO Price Notes Modest Gains
Although the NEO price is not necessarily the most exciting market right now, it does note bigger gains than most other currencies in the top 10 right now. A 4.22% increase in value over a 24-hour period is nothing to get overly excited about, yet it does show big things may start to happen for altcoins in the near future. Some more activity in that department can only be considered to be a good thing, as cryptocurrency is about much more than just Bitcoin.
With this 4.22% gain in USD value, the NEO price retakes the $135 level without any real problems. Although this same price point has been reached multiple times in the past week, the NEO price never succeeded in holding onto it for very long. Its latest rejection even sent the NEO price back to $127 for a brief period. There’s some good money to be made when timing the dips and highs right, although the profits aren’t stellar by any means.
There is also a slight improvement in the NEO/BTC ratio to take note of. While this 1.85% increase in favor of the altcoin is rather minimal, it’s also partially responsible for the NEO price increase. If altcoins can go up in USD and BTC value even when the Bitcoin price is rising, things will get very interesting in the weeks to come. For now, it seems $135 will be a proverbial glass ceiling for the NEO price, as there’s a lot of pressure to keep the total cryptocurrency market cap below $500bn, by the look of things.
With $185.39m in 24-hour trading volume, NEO is one of the more liquid altcoin markets as of right now. Although it doesn’t come close to Ethereum or XRP, it’s still a lot better than other top 15 coins can bring to the table right now. This recent slump in overall cryptocurrency trading volume has been rather worrisome, especially when considering how it also includes the South Korean trading volume again.
Speaking of South Korean exchanges, Upbit is leading the charge in terms of NEO trading volume. With its $33.89m, the platform is well ahead of Coinegg and Binance. There’s a second Binance pair in fourth position, followed by Bitfinex’s NEO/USD market. While just two fiat currency pairs in the top five is not all that great, it’s more than sufficient to keep this NEO price push going for a few more hours.
Whether or not we will see future fireworks in the NEO price department, remains to be seen. It is certainly possible we will see some more shakeups in the coming days and weeks, but the current market volatility will spoil all profit parties sooner or later. For now, taking profits and waiting for the next dip is always a viable strategy, regardless of which currency you are trading.
