It appears the positive NEO price trend has not reversed course just yet. Instead, the value of NEO continues to increase every single day, resulting in another 11.08% increase over the past 24 hours. This is somewhat surprising considering how the Bitcoin price is going up at the same time. All of this goes to show there is still plenty of demand for NEO right now, and reaching $30 is certainly possible given the current momentum.
NEO Price Surge Continues
In a way, it is good to see the NEO price recover by leaps and bounds over the past few days. Although many people aren’t too certain if this altcoin has something special to offer, there is a growing demand for this currency on a global scale. After all, with another 11.08% price increase over the past 24 hours, things are looking pretty good for this particular coin right now. Maintaining the momentum seems to be pretty easy, although there have been a few dips along the way when traders take profits.
To put this into perspective, the NEO price has gone from $16.8 on September 23rd to its current value of $28.89 in just a few days. At this pace, it is only a matter of time until the NEO price surpasses $30 again. It is unclear whether or not that will effectively be the case, though, but things are looking rather promising right now. Even though the overall trading volume is still pretty low, NEO seems to be doing just fine on its own right now.
Speaking of the trading volume, we have seen NEO generated anywhere from $65m to $100m in 24-hour volume. During the previous day, the volume hovered around $75.5m, which is pretty decent, all things considered. It is evident this currency will never see the trading volume of Bitcoin or Ethereum, but it isn’t a necessity either. Some altcoins can survive with little trading volume and still go up in value over time. NEO illustrates that point perfectly as we speak, although it remains to be seen how this situation will evolve in the future.
As one would come to expect, most of NEO’s trading volume originates from the Bittrex exchange. Binance and Bitfinex are not too far behind and relatively close to one another in terms of volume. That latter part is pretty intriguing, as it goes to show demand for NEO is still increasing in different parts of the world. Bittrex and Binance trade this currency against Bitcoin, whereas Bitfinex has a USD trading market.
It remains to be seen how things will evolve for the NEO price over the coming days. We have now seen three days with price increases in a row, but this trend cannot be sustained forever by any stretch of the imagination. With a value appreciation in both USD and BTC value, things are looking pretty promising for NEO right now. If the trading volume remains around the same level for a few more days, we may very well see a NEO price fo $30 before the week is over.
All of this goes to show cryptocurrency markets are slowly recovering some of their lost value. The overall cryptocurrency market cap is moving back toward the $137.5bn mark as we speak, which is pretty interesting.Although we aren’t even close to surpassing $150bn once again, things are looking a lot better than they did just a few days ago. We have to wait and see to see whether or not this trend can be sustained in the long run, though, as there is still a fair bit of volatility to contend with.