As is usually 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 still up by 9.63% compared to 24 hours ago. This is mainly made possible thanks to the strong increase in BTC value, which is something very few other currencies can present right now. Whether or not the NEO price will be able to sustain this momentum for another few days, is rather difficult to predict at this point.
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, a lot of cryptocurrencies respond in very different ways whenever market volatility ensues. In the case of the NEO price, the current volatility hasn’t caused its NEO/BTC rate to drop, hence the overall USD value remains stable and even goes up. In fact, we see a NEO price increase of 9.63% in USD value over the past 24 hours, which is rather significant in its regard.
Additionally, we see the NEO/BTC rate improve by 14.43% in favor of the altcoin. That in itself is rather significant, as it may indicate we see the NEO price head to $170 rather soon. Right now, the same NEO is worth $160, which is a very strong increase compared to about a week ago. It is evident reaching a new all-time high for NEO will only be a matter of time, even though the opinions may still be divided on this front right now. All cryptocurrency markets are subject to increased volatility, and NEO will not escape this spiral whatsoever.
The big question is why this sudden demand for NEO has become apparent. The project certainly has a lot of merit, but there is nothing that sets NEO apart from other similar projects as of right now. This doesn’t mean there is no real value to back the NEO price, but it is evident there is still a lot of work to be done in this regard. Similar to most other cryptocurrencies, the NEO price is currently based on hype and speculation first and foremost.
With $449m in 24-hour trading volume, things are looking pretty good for NEO right now. This trading volume is almost double of 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 slow and steady rate keeps up, we will see a price of $170 or even higher before too long.
Most of the NEO trading platform still originates from Korea’s Upbit exchange. Their volume represents 36% of all trades, which is well ahead of Binance’s BTC and USDT pairs. Bitfinex has been overtaken by CoinEgg in terms of trading volume, although both platforms are pretty close to one another. It will be interesting to see how things will play out for NEO in terms of the trading volume. Even though Bittrex is also a very popular exchange for NEO, but their volume is pretty small in comparison to the rest of the world.
Determining the future of the 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 in the NEO market moving forward. Whether or not that will be a positive or negative development, has yet to be determined at this point in time. There is a very real chance the NEO price will keep going up over time, but we may also see a big price retrace in the future. For now, it’s best to hold and see what the next few days bring in this regard.