This past week has been rather interesting for all major cryptocurrencies. Some altcoins gained value, whereas others struggled to remain stable. As far as the NEO price is concerned, things have certainly evolved in a positive direction. More specifically, the NEO price has successfully risen to over $145 as we speak. It is remarkable growth, although the big question is whether or not this momentum will remain in place. So far, everything seems in place to ensure things don’t change all of a sudden.
NEO Price Surpass $140 With Relative Ease
With the cryptocurrency markets still in a volatile period, it is pretty interesting to see how some altcoins are responding to this pressure. Especially when it comes to NEO, the currency is far more resilient than most people would give it credit for. It is good to note some currencies are not as dependant on Bitcoin compared to others. NEO will still be affected by any sudden Bitcoin price changes, though, but it will take a lot of pressure to reduce its recent gains in the future.
To put this into perspective, the NEO price has risen from $95 all the way to $142 without too many problems. Seeing such a bullish trend for seven days straight is rather impressive, as very few altcoins will ever see such a string of success in this day and age. In fact, it seems the majority of altcoins are working on ways to remains table, rather than go down with the sinking ship known as Bitcoin.The NEO price has successfully bucked this negative trend for now, although things can always change in the future.
With the NEO price now above $145, it will be interesting to see if $150 becomes a potential target. We have seen a 4.53% increase in USD value and 10.71% increase in BTC value during the past 24 hours. That in itself is pretty bullish already, and one shouldn’t expect things to only accelerate from here on out. The NEO price will need time to stabilize first and foremost. We may even see a small retrace in the coming hours, depending on how all of the markets evolve in this same time period.
With $496.58m in 24-hour trading volume, NEO still doesn’t generate the volume most other top altcoins are capable of. It is highly unlikely this altcoin will surpass $1bn in 24-hour volume anytime soon, even though it is a very popular currency these days. Then again, NEO never needed a ten-digit trading volume to make spectacular gains either. How all of this will play out moving forward, is anybody’s guess right now.
Most of NEO’s trading volume comes courtesy of the Bitcoin pairs it is linked to. Binance clearly has the lead in this regard, with $124.11m in volume. OKEx is in second place, although they are in a battle for position with Bittrex. The first fiat currency pair is Bitfinex’s USD market, which brings in another $43.67m over the past 24 hours. Other than that, there is no major fiat currency gateway for NEO right now, thus there is not much ‘fresh capital” entering the ecosystem that way.
It is unclear if the NEO price will remain above $140 for long, though. Right now, most cryptocurrency markets are still subject to a bearish sentiment, which indicates all of these gains can be wiped out rather quickly. For now, there is enough momentum to keep the NEO price train going for a few more hours, but things often work in mysterious ways when it comes to cryptocurrency. Always remember to take profits when the opportunity arises. It is better to make a bit of money rather than lose money an hour later.
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