Weekends often result in unusual phenomena where cryptocurrency trading is concerned. Several markets have risen by over 30% in value today, even though there is zero reason for any of them to do so. The NEO Gas price is currently on quite the tear, as its value continues to rise. A peculiar development, as this utility token has now re-entered the market cap top 100.
Gas Price is Moving up Swiftly
In the cryptocurrency world, there is hardly ever a boring day. Although not all market momentum might make sense at first, one sometimes has to take the profits when they materialize. In the case of NEO’s Gas, it seems a lot of profit has been ripe for the taking. Following monster gains, one has to wonder if there is much room left for even further upward momentum.
Over the past few hours, the Gas price has risen by over 40% in USD, BTC, and NEO value alike. Especially this latter part is rather interesting, as one wouldn’t necessarily expect such big gains over the main token this utility token is tied to. With a current price of $3.1 -or 85.597 Satoshi – NEO’s Gas has reclaimed its position market cap top 100 with relative ease.
What is somewhat interesting is how Gas has more trading volume than the total valuation of this project by market cap. With $40.1m in trades, it is evident the demand for this token is picking up steam. Upbit and Binance are the main contributors in this regard, which will not come as a big surprise to many. Even so, the Binance price seems to dictate the market, which may not necessarily be a good thing.
It has been a strong weekend for Gas, by the look of things. KyazzeCode cashed out Gas yesterday when the price briefly hit $3.6. Although that seems like a lifetime ago, it is evident things are not necessarily over just yet. If the current levels can be maintained, there could easily be another uptick in the near future. Why this increase is happening now, of all times, remains unclear, though.
— KyazzeCode (@CodeKyazze) February 17, 2019
When looking at the Gas chart on Binance, there have been some telling signs a big uptrend would materialize. Nearly two weeks ago, Warmane Trade hinted at a very strong push waiting to happen near this weekend. Although technical analysis only works half the time for most speculators, this call was seemingly on the money. If history is to repeat itself, the top will result in a slow and steady bleed over the coming weeks.
— WarmaneTrade (@WarmaneT) February 3, 2019
On Sundays, crypto markets gain or lose value for seemingly random reasons. While it is true Gas is NEO’s Utility token for dApps, smart contracts, and the like, it now has a value of over $3. One has to wonder if that is a good or a bad thing when looking at this from a long-term perspective. It does seem to indicate the NEO ecosystem is growing, albeit that in itself might not necessarily warrant this price increase.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.