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NEO Becomes the Fifth-largest Cryptocurrency by Market Cap as Coin Price Soars to US$50


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One of the fastest growing cryptocurrencies of this moment goes by the name of NEO. It was formerly known as Antshares and aims to become the Ethereum of China. It is quite an ambitious goal, even though some major progress has been made already. All of this also reflects upon the NEO market cap, which has grown by leaps and bounds. With a strong value increase per individual token as well, things are looking very promising right now.

Altcoin traders are always looking for the next major investment. People who bought into NEO will be more than pleased with their decision. Especially when considering how the token’s value was less than US$2 just a few months ago. Fast forward to today, and the same token is worth just over US$50. It doesn’t happen all that often we see tokens increase in value by that much. Moreover, there is no real driving factor for this price increase either.

NEO Keeps Fueling its own Rocket

Do not be mistaken in thinking the NEO team isn’t doing anything, though. Instead, they are hard at work to make things happen. Chinese companies have also taken a liking to this blockchain project, by the look of things. Ethereum has never struggled to gain traction in China, though. However, it isn’t immutable, contrary to what most people would like to believe. The Ethereum blockchain has a precedent of being modified on demand and that can happen again at any given time.

Whether or not NEO can make an impact in this regard, remains to be seen.The project is firing on all cylinders right now as we speak. Moreover, the recent price increase has a lot of people excited right now. Then again, this also shows the majority of the price is a result of speculation and hype. Failure to deliver will send the price tumbling down pretty quickly, to say the least. For now, NEO holds the #5 spot in the rankings by market cap. That is quite significant, to say the least. It also brings some more competition to the table, which is never a bad idea.

The only potential downside is this accelerated growth. More specifically, NEO is growing pretty quickly, which can very well become its own undoing in the end. Anything rising in value in quickly will come down sooner or later. When that happens, things will look very bleak for NEO bagholders, to say the least. Then again, this may only be the beginning of what is yet to come. Cryptocurrency is a very strange market right now, to say the least.

Header image courtesy of Shutterstock

JP Buntinx
JP Buntinx
JP is a freelance copywriter and SEO writer who is passionate about various topics. The majority of his work focuses on Bitcoin, blockchain, and financial technology. He is contributing to major news sites all over the world, including NewsBTC, The Merkle, Samsung Insights, and TransferGo.


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