A lot of things are happening in the world of cryptocurrency, but nothing good has come of it for the Bitcoin price. In fact, it is thanks to the recent Bitcoin price drop that we see so many different altcoins rise in value again. In particular, the NEO price is getting a lot of attention, mainly thanks to it surpassing US$32.5 once again.
It is quite interesting to see how things evolve in the world of cryptocurrency. Whereas most people had expected the Bitcoin price to blaze a trail all the way to US$8,000, things have certainly turned out very differently. As a result, altcoins must go up against BTC to maintain their USD values. It’s a very interesting trend, although it could reverse at any given moment. If this trend keeps up, Bitcoin’s reign will be over for a few weeks, if not months.
Although it is still too early to tell whether or not altcoin season is back in effect, the NEO price is certainly moving up as we speak. More specifically, this popular altcoin has seen remarkable growth over the past few hours, culminating in a solid 22.29% gain since yesterday. What’s more, NEO gained on Bitcoin by 28.03% over the same period. This correlation between Bitcoin and altcoins is slowly turning in favor of currencies that aren’t Bitcoin.
Whether or not the NEO price will remain at this level or perhaps push even further remains to be determined. It is certainly true there is a lot of positive momentum in the altcoin sector right now. In fact, currencies such as NEO are keeping the overall market capitalization above US$200 billion, all the while pushing the Bitcoin Dominance Index back below 58.5%. That will be an interesting metric to keep an eye on in the coming days.
The NEO price is also moving up thanks to an impressive trading volume. With US$156.2 million in 24-hour trading volume, things are looking pretty solid for NEO. This particular altcoin has a significantly higher trading volume than most other currencies in the top 10 right now. It also highlights the “pumpy” nature of top altcoins, as those with less volume and normal gains are the ones people often refuse to speculate on. NEO, unfortunately, is incredibly speculative first and foremost.
Surprisingly, Bitfinex is not the busiest exchange in terms of NEO’s trading volume. Instead, Bittrex is clearly leading the charge with US$58.82 million in 24-hour volume. Binance is also among the top three exchanges, which is a pretty interesting development. A lot of people are actively converting their bitcoins to NEO – and to other altcoins – right now in an effort to retain their portfolios’ values in fiat currency. Staying in Bitcoin seems to have an adverse effect right now, but that may change in the very near future.
It is unclear where the Bitcoin price is headed in the coming days. The ball is clearly in the altcoins’ court, but all good things must come to an end eventually. Moreover, NEO has seen a lot of gains already, which seems to indicate this is a pure pump-and-dump cycle. An interesting weekend is ahead of us; that much is evident.
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