NEO Price Analysis: NEO/USD Price Swell by 100%

With the current state of the Crypto Industry, all the coins are in the red region as per Coinmarketcap data. However, there are a few coins that tend to break this trend. NEO coin is one of them.

The NEO coin is currently trading at $13.28 USD with a 15.8% surge. However, the analysis of the NEO price chart shows a 100% price surge in the last few weeks. The coin is in the 17th position, just behind Huobi Token. The 24hr trading volume is $788,379,578 USD with a circulating supply of 70,538,831 NEO. 

The NEO coin YTD record seems very interesting. The NEO/USD price was increasing from the beginning of the year. The price saw a sudden surge in July 2019. However, the chart saw a downtrend from then up until October 25th (the lowest in the last 6 months). After this, the prices started to increase. NEO/USD price has increased from $6 to $12 within 2 weeks, rising by 100%. Even the NEO/BTC price has seen considerable growth since then.

Reasons behind the Price Surge:

China’s Blockchain Adoption

As you can see in the chart, October 25 is the threshold where the price started to increase. NEO’s, Chinese coin, price rises sharply after Xi Jinping supports Blockchain. After that, we have seen that the crypto market in this period has skyrocketed, revealing a green trading board. Among all the coins, another Altcoin which has a very good profit growth rate is NEO coin

According to eToro Senior Market Analyst Mati Greenspan,

NEO is a cryptocurrency network whose main value proposition is that it is Chinese regulatory compliant. This gives it a huge advantage for any new Chinese blockchain startups.

NEO 3.0 project

NEO is a platform blockchain described as the ‘Chinese Ethereum.’ NEO was designed to host ICOs and Dapps using smart contracts powered by its own version of gas. The project is about to bring several architectural improvements to Neo’s performance and stability. It is scheduled to launch completely by the second quarter of 2020. It will be interesting to see the NEO price with these developments.

It will be interesting to see the NEO price with these developments.

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Qadir AK

Qadir Ak is the founder of Coinpedia. He has over a decade of experience writing about technology and has been covering the blockchain and cryptocurrency space since 2010. He has also interviewed a few prominent experts within the cryptocurrency space.

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