The cryptocurrency NEO has posted a strong price increase in recent days, bucking the broader market’s negative trend. Yesterday the so-called “Chinese Ethereum” even reached a new all-time high of nearly $200. Meanwhile, Bitcoin and many altcoins are suffering heavy losses, with some prices dropping as much as 30%.
At the start of the year, the NEO price stood at $75.15. A steady flow of positive developments has driven a bullish rally for NEO in recent days, pushing the price to a fresh all-time high of $196.85. Among the upbeat catalysts are the upcoming DevCon conference in San Francisco, which is seen as an important event for the NEO developer community, the presentation of the VDT Network at a conference in Amsterdam, and the successful Trinity token sale run on the NEO platform.
New trading pairs have also been listed on exchanges such as KuCoin and Omicrex. On KuCoin, traders can now directly trade NEO against a variety of other cryptocurrencies without first routing trades through Bitcoin or Ethereum. Although these pairs account for a relatively small share of total trading volume today, they indicate growing adoption of the NEO token.
Crypto market appears to be in free fall
Only a few hours ago the crypto market looked like it was in free fall. Total market capitalization plunged from $650 billion to $559 billion in just 90 minutes. Shortly afterward, fresh capital flowed back into the market, and at the time of writing (10:22) total market cap sits around $570 billion.
This volatile up-and-down movement has continued in recent weeks, leaving the market without a clear direction. Discussions in South Korea and potential regulation of Bitcoin miners in China have unsettled many investors. Chinese authorities are said to be considering tougher measures against cryptocurrency trading, with online platforms and apps offering exchange-like services likely to face closer scrutiny.
Regulatory pressure is increasing in other regions as well. France, for example, is reportedly considering new crypto rules, and the regulation of digital assets is expected to be on the agenda at the upcoming G20 summit. As regulation tightens and controls are strengthened, market uncertainty naturally rises. Nevertheless, we believe the crypto market will persist; the rules of engagement will likely change, but the industry should continue to evolve.
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