After some very solid gains yesterday, it seems NEO is only just getting started. Whereas the value of this cryptocurrency was US$145 per coin yesterday afternoon, it has since risen to US$168. This growth is unprecedented for NEO, although it remains to be seen whether or not it can continue for much longer. Most holders wouldn’t mind seeing a NEO price of US$200 by the end of January, but only time will tell if that is even remotely possible.
NEO Price Continues to Skyrocket
It became rather evident yesterday afternoon that the NEO price would continue to rise for some time to come if the momentum could be sustained. During the weekend, we often see currencies go up in value prior to a near-complete retracement on Monday. So far, that has not happened with NEO, although there is no reason to think we won’t see a steep correction at some point. The gains over the past few days are spectacular, and the price will level out eventually.
These past 24 hours have resulted in another 20.29% price increase for NEO. Additionally, it has increased by 19.98% against Bitcoin. It is good to see the NEO price appreciating on both fronts at the same time. All of this is being done with relatively little trading volume as well, which seems to indicate a lot of people are more than happy to hold onto their NEO for the time being. They will take profits eventually, though, as such human behavior is unavoidable.
With these latest gains, we are now looking at a NEO price of US$168. This is not the most recent all-time high, mind you, as that was recorded when NEO surpassed US$176 last night. As was to be expected, this new ATH immediately caused a small correction, pushing the NEO price back down to US$150. It was a good buying opportunity for those who sold at the top or for new investors looking to get in on the action. Whether or not we can set a new all-time high later today is difficult to predict right now.
With US$824.6 million in 24-hour trading volume, things are trucking along nicely as far as NEO is concerned. Although that is not even close to the volume generated by the likes of XRP, Bitcoin Cash, or even Litecoin on a good day, the volume is more than sufficient to keep traders engaged right now. Moreover, it seems to confirm there is plenty of buying support on all cryptocurrency exchanges.
The vast majority of NEO’s 24-hour trading volume came from Binance with its BTC and ETH trading pairs. Binance’s BTC market is especially popular right now, with over US$144 million in volume. Bittrex is in the #3 spot with its NEO/BTC market, which is only US$500,000 behind Binance’s NEO/ETH pair. Bitfinex is still the top exchange with a fiat currency market for NEO, and its volume is close to that of Bittrex right now. It seems there is some fresh capital entering the market as we speak, which is a very positive sign at this point.
For the time being, there is a genuine reason to be excited about the NEO price. With these solid gains over the past few days, it is not difficult to see why some people are hoping to see a NEO price of US$250 or more in the coming days. That may not necessarily be a realistic target, but stranger things have happened in the cryptocurrency world over the past few years. For now, make sure to take profits when the opportunity arises, as the cryptocurrency markets remain extremely volatile.