The Asian holiday weekend is upon us and markets are looking good. Most digital assets are in the green and Bitcoin is holding steady at over $10k again. Altcoins are once again being pulled up by their big brother and, as expected, one is standing out from the crowd.
According to Coinmarketcap NEO is the only altcoin trading in double digit gains during this morning’s Asian session. Up to $140 from $121 this time yesterday, Neo is having a solid run and is 13% higher. All other cryptocurrencies are marginally up on yesterday’s levels. Neo has been one of the few altcoins that has shown a lot of resilience during the big dip on February 6. It dropped to a low of $67 and has since made gains of over 100% over the past ten days. Neo’s all-time high came in mid-January when it reached $195.
Often referred to as the Chinese Ethereum, Neo has made steady progress over the past three months. It does not have the wild fluctuations that other altcoins experience and is one of the more stable cryptocurrencies. Neo is a platform, similar to Ethereum, which enables developers to build decentralized applications on. It is being used for a number of ICOs and new projects in the region.
The community is very active and developer conferences are held often across the world. The launch of a new decentralized NEO and GAS powered exchange called Neon is likely to boost prices further however the project is still in pre-ICO stage. As with most cryptos, Neo is traded predominantly in South Korea which has over 30% of the global volume. Market capacity currently sits at $8.9 billion and Neo is ranked at number 7. Over $264 million has been traded in the past 24 hours.
Other altcoins enjoying solid gains during the Asian session are Monero, Litecoin, OmiseGO and Verge.
More on Neo can be found here: https://neo.org/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and fundamentals.
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