Even though the cryptocurrency markets are still recovering from the Korea debacle, some currencies are noting significant profits. In NEO’s case, for example, things are looking pretty solid. After the NEO price found stability above $100 last week, the value has now soared to over $120. Due to a small pullback, the NEO price is now slightly lower, but things still look pretty promising in general.
NEO PRICE RISES ABOVE $120
As most people are well aware of, all cryptocurrency market caps have been “reduced’ on Coinmarketcap about 24 hours ago. More specifically, the website no longer tracks the prices across Korean exchanges when the trading market is denominated in Korean Won. Any company trading currencies against Bitcoin or other cryptocurrencies are doing just fine as we speak, and they are still recorded to display global prices. In the case of NEO, this adjustment has had very little effect, as it is not traded against the Korean Won across any major exchanges right now.
As a result, we have seen the NEO price rise above $120 in the past few hours. It is a major breakthrough for this popular altcoin, especially when considering how it was valued at $20 not that long ago. All cryptocurrencies have seen significant growth over the past few months, and NEO is no exception in this regard whatsoever. With the NEO price rising to the three-digit range so quickly, things certainly look rather interesting right now.
Thanks to the 15.91% gain in USD value and 21.38% gain over Bitcoin in the past 24 hours, NEO’s market cap now sits at over $7.7bn. That is quite an achievement for this particular cryptocurrency, and it shows signs may continue to improve from here on out. Although it is difficult to make any accurate predictions, we may very well see a NEO price of $150 or more in the next few days. All markets are still extremely volatile right now, though, and should be treated as such.
Stellar Lumens Price Surges to $0.15 Amid Crazy Week for Cryptocurrencies
Most cryptocurrency enthusiasts pay close attention to the top 10 currencies by market cap. Right now, we have a few coins separating themselves from the pack in quick succession. However, interesting things are happening to the Stellar Lumens price as well. Thanks to solid gains over the past few days, one XLM is now worth over $0.15. A massive boost for the Stellar Lumen price, as the currency inches closer toward its main competitor Ripple.
STELLAR LUMENS PRICE EXPLODES
Very few people keep tabs on currencies such as XRP and XLM, mainly because they can’t be classified as cryptocurrencies. Instead, these are digital tokens which are purposefully designed to aid the struggling banking sector. It is a worthwhile venture, especially as a lot of people can benefit from an optimized banking system. Faster and cheaper transactions will be beneficial to consumers and corporations, at least until cryptocurrencies start making a bigger impact.
As such, the Stellar Lumens price isn’t something a lot of people will pay attention to. Given the airdrops of this digital token, there will be people who own XLM and not even realize it. Additionally, a lot of people sold their tokens in the past without giving XLM a second thought. There are entities who do see merit in this currency, though, as its value has almost quadrupled in the past month. A remarkable growth for a digital asset few people in the cryptocurrency world actively care about right now.
More specifically, the Stellar Lumens price has increased from $0.028 in early November all the way to $0.154. While this value pales in comparison to Bitcoin or most altcoins, one also has to keep in mind there are close to 18 billion XLM in circulation. As the supply is bought up slowly, the Stellar Lumens price increases accordingly. Especially the past few days have been interesting, as the value almost doubled. It is unclear where this sudden demand is coming from, or whether this is a pump-and-dump cycle.
With over $345m in 24-hour trading volume, it is evident this demand for XLM isn’t coming from just one source. It is commendable to see this digital asset rise in value, as a competitor to Ripple can only be considered to be a good thing in that specific industry. With a market cap of nearly $2.8bn, things are looking pretty good for Stellar. Whether or not this momentum and trading volume is even remotely sustainable, remains to be seen, though.
For the time being, it seems most of the demand for Stellar Lumens originates from the Bittrex exchange. Their volume is only marginally higher than Poloniex, though. The Bitcoin markets drive this surge in Stellar Lumens price, as there are only two actual fiat currency markets in the top 10 and one USDT pair. It seems money is flowing from Bitcoin into various altcoins and digital assets right now, rather than fresh money moving to XLM. An interesting aspect to keep an eye on, to say the very least.
The big question on everybody’s mind is how these things will evolve in the future. A temporary Stellar Lumens price increase isn’t something to get overly excited about unless you are a speculator. At the same time, we saw Ripple’s XRP soar in value out of the blue a while ago as well. If this trend keeps up, both assets may be a lot closer in value to one another than originally assumed. A lot of exciting things happen in the world of cryptocurrency and digital assets.
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With $358.5m in 24-hour trading volume, things look pretty good for NEO right now. Although this volume is a lot lower compared to the bigger coins, there’s no reason to dismiss it whatsoever. NEO’s trading volume has grown steadily over the past few weeks, although it is nowhere near the one billion mark just yet. Whether or not that situation will come to change in the future, remains to be determined. For now, things are progressing nicely, to say the very least.
The majority of NEO’s trading volume comes from the Binance exchange, with three of their trading markets in the top 6. Bitfinex is in second place, and they are the only fiat currency pair for NEO in the entire top 15. Bittrex completes the top three as we speak. It is evident a lot of people are switching between Bitcoin and altcoins right now, mainly because Bitcoin’s price momentum has seemingly run out of steam altogether. An interesting development, although there’s no reason to think we won’t see future Bitcoin momentum this month.
For the time being, the NEO price is firing on all cylinders. More specifically, this rise to $120 is pretty significant, despite a minor retrace shortly after. One has to keep in mind a lot of altcoins still derive value from Bitcoin. As long as the world’s leading cryptocurrency remains stuck in sideways and downward trading momentum, it will be very difficult for any altcoin to note serious gains. NEO shows it is certainly possible to do so, though, assuming traders see the benefits of the currency and are willing to take some risks along the way.