It certainly appears to be the season to pump altcoins, by the look of things. After we saw a few different cryptocurrencies get their pump on, NEO appears to be the latest in line. More specifically, the NEO price has risen above US$38 over the past few hours, indicating strong growth and speculation for this particular altcoin. Whether or not this trend will continue remains to be determined.
NEO Price Gains Are Quite Spectacular
It is apparent any cryptocurrency that isn’t Bitcoin may experience a major price increase over the next few weeks. During the weekend, we often see the value of various altcoins increase, especially when Bitcoin is struggling. It is pretty interesting how altcoins’ price action seems to culminate in massive pumps, and that certainly holds true for the NEO price. After all, a 35% increase against both USD and BTC is certainly not “normal” whatsoever.
ProjectICO, a US based turnkey token sale firm have announced they are switching to $NEO as their preferred platform moving forward. AMA to be held on NEO subreddit November 20. https://t.co/0kVVDEHCb9
— NEO News (@NEOnewstoday) November 17, 2017
That being said, we’ve seen the NEO price rise by 35% in both markets, and people seem to be liking this unexpected development. NEO has been a pretty strong altcoin over the past few months, and it seems its momentum is far from over. There appears to be some news regarding NEO right now, although it seems most of it is still unconfirmed at this point in time. How the NEO price will evolve over the next few hours and days remains to be seen.
No one can deny the NEO uptrend will spill over to other altcoins in the days to come. As long as Bitcoin doesn’t go on another rampage in the near future, interesting things will continue to happen in the altcoin department. Should this momentum reverse all of a sudden, things will certainly take a turn for the worse as far as altcoins are concerned. At the same time, we’re seeing some altcoins decouple their values from Bitcoin, which is a positive sign.
Thanks to around US$328M worth of 24-hour trading volume, NEO’s present uptrend may be sustained for a few more days. Everything is very difficult to predict when it comes to cryptocurrencies, as new trends emerge and disappear in quick succession virtually every other day. While we’re seeing heavy NEO volume right now, it could dry up by this evening, for all we know. Conversely, it could double or even triple. Alas, there are no guarantees in cryptocurrency.
What is rather remarkable is that Bittrex’s NEO/BTC trading pair is generating most of NEO’s trading volume right now. Bitfinex’s NEO/USD pair is in second place, whereas Binance’s NEO/BTC pair rounds out the top three. A lot of money is circulating from altcoins to Bitcoin and the other way around again. Without much fresh money coming into cryptocurrency, we may see some interesting market changes over the next 24-48 hours.
It is impossible to predict how all of this will play out for NEO in the long run. Solid momentum may push the NEO price above US$40 or even US$42.5 in the coming hours. However, there will be plenty of profit-taking as well, as a lot of people bought this currency below US$30 in recent weeks. It’s an interesting situation to keep an eye on; that much is evident. Assuming the NEO rumors are true, this may even be the beginning of a price rally toward US$50 or more.