In the world of cryptocurrency, there are always assets which reach milestones when no one is paying attention. In the case of NEO, its value surpassed US$100 several times in the past few days. This is a positive sign, especially now that the NEO price seems to be stabilizing above the US$103 mark. This particular currency has certainly come a very long way in recent months.
NEO Price Solidifies its Momentum
The year 2017 has been pretty kind to NEO, as well as most other altcoins in the top 25 ranked by market cap. After it rebranded from Antshares, people were somewhat concerned this change would not be perceived as positive. Most of these concerns were unfounded, though, as the NEO price kept climbing over time. Even the CNY-based trading ban by the PBoC last year didn’t derail NEO’s momentum all that much.
The past two months have been especially good for NEO holders. After the altcoin cemented a solid support platform at US$25, the NEO price started inching higher and higher nearly every day. By late November, the price had already increased to almost US$35, which further validated the slow and steady approach. Three weeks later, the NEO price surged to US$80, although it was rejected quickly. That wasn’t entirely surprising, as people tend to take profits when things are finally falling into place.
Fast forward to today, and we are looking at a NEO price of US$104.22. It is the third time in a week that the NEO price has surpassed the US$100 level, although there’s always some strong resistance when it happens. This latest attempt appears to be going a bit smoother than the others, even though the price has bounced between US$109 and US$98 on multiple occasions today. Solidifying such momentum for the long run is always difficult, especially since no one knows how the Bitcoin price will evolve.
With close to US$350 million in 24-hour trading volume, things are looking pretty good for NEO right now. Its volume is higher than that of some of its nearest competitors based on market cap. At the same time, the overall cryptocurrency market’s 24-hour trading volume is higher compared to Q3 of 2017, even though some coins still struggle to break US$250 million on a daily basis. When it comes to volume, higher lows are always a positive sign for any cryptocurrency, and NEO is no exception.
Speaking of 24-hour volume numbers, Binance and Bittrex are competing for the top spot among NEO’s markets. It is a bit worrisome to only see one fiat currency market among the top 20, even though most people will consider the USDT market to constitute fiat currency. Most people are converting between NEO and Bitcoin or Ethereum right now. That isn’t necessarily a bad trend, but it also shows that fresh capital isn’t entering through NEO directly these days. Again, this situation can change at any moment.
In the end, things are looking up for the NEO price. With a solid push toward US$100 and more, it will be interesting to see if a triple-digit value can be maintained for more than a few hours this time. There’s a very positive vibe going around in the world of cryptocurrency right now. A lot of big surprises will come to pass before the year is over; that much is almost guaranteed.