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If Bitcoin thrives, so do virtually all other major currencies. NEO is no exception in this regard whatsoever, even though the altcoin has seen a pretty solid run over the past few weeks on its own accord. As of right now, the NEO price is close to the $37 mark once again. This is a solid improvement compared to a few days ago, to say the very least.
NEO PRICE CONTINUES TO ROCK ON
A lot of people have kept an eye on the NEO price for obvious reasons over the past few weeks. It is one of those altcoins with a lot of promise, even though it goes through some rough patches every now and then as well. More specifically, the cryptocurrency markets in general have seen a tremendous amount of volatility throughout October, but things are finally coming together in a positive manner as of right now.
After all, we need to keep in mind this week has been filled with ups and downs as far as the NEO price is concerned. With the prices swinging from $37.5 all the way down to $29 and back up to $36.7, there has been a lot of room to make solid profits by flipping this currency and buying back in cheaper. Although it remains unknown how many traders have effectively done so, no one can deny it is an option more than worth exploring.
Anyone who holds a diversified cryptocurrency portfolio will want to pay attention to the NEO price as of right now. That is, assuming they aren’t doing so already. Although NEO is still a fair bit away from setting a new all-time high, things have certainly moved in the right direction. These past few days have resulted in a price gain of over $7 per NEO, which is pretty spectacular. Few coins can effectively gain 20% in value over the course of seven days without crashing directly afterward.
That being said, there is no guarantee the NEO price will remain at this level for the foreseeable future. While the momentum is clearly in favor of this altcoin, most of the gains can be attributed to the Bitcoin price going up at the same time. If Bitcoin were to retrace in the coming days, it is not unlikely the NEO price will be affected in a negative manner as well. It is still too early to tell how things will evolve, though.
With just $60.89m in 24-hour trading volume, the NEO market is still subject to a fair amount of manipulation. After all, it doesn’t take a ton of money to make the NEO price go up or down, that much is certain. Not every cryptocurrency needs a significant amount of trading volume to be successful, that much is certain. Moreover, the NEO trading volume has always been on the low side and it doesn’t appear that situation will change in the near future either.
Binance is the exchange to be when it comes to buying or selling NEO right now, that much is certain. It controls over 31.06% of the NEO trading volume, although Bittrex and Bitfinex are not too far behind in this regard either. All of these markets value NEO at nearly the same price, which is a positive sign. All of this points toward a healthy future for the NEO price, although it is always advised to remain somewhat cautious.