The cryptocurrency market, as a whole, is looking pretty bleak today – apart from NEO (NEO). Bitcoin (BTC) is down 5%, Ethereum (ETH) is down nearly 7% and Ripple (XRP) is down by 9%. In fact, out of all the ten most valuable cryptocurrencies on the market, just one is in the green today. The NEO price path has managed to stay strong in the midst of a sea of suffering.
In the past week, the NEO price growth was 52%. At the time of writing, it is trading at $156.80. That’s a 231% gain in the past month:
We actually talked about this coin a few days ago, back when it was trading around $110.00 – that means that this coin has gained more than $40.00 since Thursday. And on that particular day, NEO (NEO) was ranked as the 11th most valuable coin worldwide. Today, it is sitting in 10th place.
It’s 10th place spot may soon be forgotten, however. IOTA (MIOTA) is in 10th place now, but only ahead of NEO (NEO) by a very tiny sliver:
So, what exactly is the coin that’s been generating all this growth? What is NEO all about?
What Kind of Cryptocurrency is NEO (NEO)?
It’s frequently referred to as the “Ethereum (ETH) of China.” Why is that? Well, they both support decentralized applications (dApps). They also both support new cryptocurrencies to be launched using their own protocol as a foundation. They both enable smart contracts. And, obviously, they both have tradable, native tokens that have delivered some pretty massive returns in the past few months.
NEO also has a really strong brand. The team is active in the crypto space, traveling and speaking. They are also holding a pretty big developer conference in San Francisco at the end of the month. They’ve been promoting it pretty hard on Twitter:
NEO DEVCON REGISTRATION IS NOW OPEN!!🎉🎉Limited seats for 600 pax. Check out website https://t.co/UE2GSQpHj6 for conference agenda and ticket sales. Please follow us closely for more updates! pic.twitter.com/7kBeUgIUkD
— NEO DevCon (@NEO_DevCon) December 29, 2017
It’s public ledger processes 1,000 transactions per second. For reference, Bitcoin (BTC) can do about ten during the same amount of time.
One complaint that people have about NEO is that its leadership team makes all the decisions. It’s not as “decentralized” as a lot of other blockchain projects. But, according to founder Da Hongfei, they are working on decentralizing and distributing more throughout the next year or so.
Is the NEO Price Surge Going to Reverse Soon?
Nothing has been as resilient over the past 24 hours than the NEO price path. Well, at least that’s when it comes to the top 10 most valuable cryptocurrencies. It feels like the entire market has gone red today. But one shining beacon of hope (and profit) has stayed strong.
But, it also feels like we might see a retreat in the coming days. Can a gradual, non-stop positive slope like this really be sustained much longer?
We will be keeping our eyes on NEO (NEO).
Did you buy in longer than a week ago?
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.