Though the price of cryptocurrencies is currently red, NEO is quite different. In fact, before we even discuss NEO, it is a good idea to take a closer look at the entire crypto market. The entire cryptocurrency market capitalization it has gone up and surpassed the $260 billion mark. One of the things that made it possible is the involvement of the Rockefeller Family in cryptos who is considered by many as the unofficial ruler of the US. What they did is to invest through their official venture capital arm Venrock.
Bitcoin Sliding Down
Though the market capitalization for the entire crypto market is up, it is true that many that Bitcoin is still long way to go from its peak. It has struggled for the rest of the year and has never come close to its $20,000 peak in December 2017. In fact, its market capital has dipped to around $116 billion. And one of the possible reasons for this is the strict regulatory changes and tax deadlines.
Why is NEO Gaining Traction?
NEO’s price increased by 1.29% in the last 24 hours. And with a market capitalization of $3.359 billion, the entire community has a bullish sentiment that enabled the altcoin to stay above the $50 mark. There is also a popular belief among its investors that the trend will be steady for the coming months. In fact, many are hopeful that it can go above $57.
Is the community simply optimistic or is there really something good to celebrate about? If you will ask Eva Bowman who works as Financial Adviser for Noida, “The coin was trading above $53 which is a crucial mark. It has to stay above that mark to keep the bears at bay. A sustained break below the support level of $50
Edward Lucas who is an altcoin analyst from Nashville mentioned that “NEO will maintain the current price range of $45 to $55 till the end of May. Till then it will be going up and down these prices. Right now there is a strong support for the coin at $45”.
The Chinese ETH?
NEO is considered as the Chinese Etheruem. There are those who made the comparison that if ETH is crude oil, then NEO is clean energy. One of the things that make it such a unique altcoin is its dedicated bookkeeping nodes. NEO is also known to support different programming languages a lot faster. And for those cryptocurrencies that had different variants, this isn’t something that will happen to NEO since it is going to be fork resistant.
These are unique qualities that make the altcoin among the most sought-after digital currencies today, In fact, NEO ranks 9th in terms of market cap. If you are going to look at NEO, it has been making friends with prominent internet giants such as Microsoft and Alibaba. In fact, NEO can now be used for Alibaba payments. This is considered a major breakthrough in terms of adoption. And for these reasons, there really is a reason for the entire community to have a positive outlook regarding NEO’s future.