NEO Shakes Off Bad News, Surges 20 Percent
NEO prices surge in spite of tight restrictions in China as competition is decimated
NEO, often termed the ‘Chinese Ethereum’ took a major price tumble when the announcements regarding Chinese exchanges were made public last week. The price dropped to a low of $13.29 per coin, a massive drop from its peak of $48 exactly 30 days earlier.
The price drop was linked directly to the Chinese announcement since NEO is a generally Chinese coin, with most of the trading volume being on Bittrex (45%) and only Bitfinex as a secondary exchange.
Down but not out
With the ban on exchanges, and the generally anti-cryptocurrency sentiment in China, some thought NEO would simply cease to exist. However, just a week after having to repay some of its initial investors, the altcoin has regained much of what it lost.
On relatively stable trading volume, NEO rose to over $26 per coin, a full 100% increase over its lows, and a substantial 20% from yesterday’s price.
As previously reported by Cointelegraph, NEO may well be positioned to be the best cryptocurrency and app platform within China. Sometimes removing all the competition makes it easy to succeed.