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Neo Price Summary
At the time of writing this article, Neo (NEO) was slowly climbing out of a minor correction and had already reached $19.62. The cryptocurrency had touched a record high year to date at $25.74 just three days ago. This was the second major correction in September alone. Nonetheless, the NEO price is a comfortable 264% away from the lowest point reached this year on March 17.
Generally, NEO has been impressive this year, and it is so far 125% up since the beginning of the year. The cryptocurrency underperformed in March when investors punished the entire crypto market in mid-March, but the recovery is off the charts. In between the March decline and the most recent trading activity, NEO has undergone minor gyrations which have had a substantial effect on the coin’s value.
Undoubtedly, investors who had a finger on the pulse of the coin have exploited the gyrations for profitable trades. Also, the information has helped them to avoid any losses occasioned by the fluctuations. There can never be a more convincing reason to stay informed about cryptocurrencies’ price evolution.
Neo Price History
Erik Zhang and Da Hongfei co-founded Neo in 2014. The Neo project started as Antshares until the developers changed the name in June 2017. The Neo blockchain network is open source, and its governance is community-managed. For two years, the developers created and tested a unique blockchain technology centred on smart contracts much like Ethereum. It was only after launching the mainnet in October 2016 that the NEO digital currency became available to the community.
The Genesis Block consisted of 100 million NEO, which is also the supply limit of the tokens. When the tokens were available to traders in September of the same year of launching, one NEO was valued at $0.55. The price of the digital currency would remain stuck below $1 for the next almost ten months until it started to gain in May 2017. Because of the euphoria that engulfed the cryptoverse, especially after Bitcoin started to become attractive to the broader masses, NEO grew exponentially and peaked at $196.85 on January 15, 2018. This is the highest price NEO has reached in its history.
NEO started to decline at the same time as the cryptoverse began to unravel. However, there was a slight pullback on the bullish side in May when the Neo platform creators launched the Neo Global Development (NGD). Because of this event, NEO recouped almost 96% of its value only to relapse days later and launched into a slide that only stopped when NEO hit a valuation of $6.24 in the first week of December 2018.
Year to date, NEO has been on the offensive, and it has so far climbed approximately 141% since the year began. Much of NEO’s growth potential is pegged on the ability of Neo Platform’s smart technology to revolutionise the business environment.
Neo Price Prediction
NEO’s future valuation largely depends on the scale of adoption of the smart economy concept championed by the Neo blockchain. The biggest strength for Neo blockchain is the ability to leverage blockchain technology to digitise assets by using smart contracts. Besides, the platform boasts a comfortable tps rate of about 10,000 transactions per second. Although NEO is not the payment system on the Neo platform, it carries weight in that it confers users voting power within the community.
Based on the factors described above, we believe that NEO is destined for much higher valuations even before the end of the year. As the world reels from the effects of the ongoing recession, more people would want to secure their wealth by committing it to a platform that is not only safe but also secure. If this platform happens to be Neo, then we are likely to see NEO price gain.
Beyond 2020, the direction of NEO depends on two major factors. First, the recovery rate of the global economy and, secondly, the attitude of the market in relation to Neo’s solutions such as NeoID and NeoFS.
Expert Tip on the Price of NEO
NEO is among the few tokens whose trading volume has registered a net increase this year, and a net increase in valuation to boot. Already, the circulation supply has reached 70.5 million, which is just a few tens of millions short of the 100 million maximum supply. This means an increase in trading volume (from a bullish angle) would imply an impending price explosion. When looking to monitor trading volume and use it to confirm probability trade setups, you might want to use volume indicators such as the Money Flow Index (MFI), the OBV, and the Chaikin Money Flow indicator.
Neo is all about a smart economy centred around smart contracts. The unique thing about Neo is that it is flexible enough to cope with sudden demand spikes without significant difficulties. The new Neo 3.0 platform further increases the security of the network as well as allowing a higher tps rate.
The Neo platform has two tokens, GAS and NEO. NEO confers voting rights while GAS underlies the payment system of the platform. More important is the smart contract technology that enables developers to digitise wealth management.
Neo Value Compared to Other Cryptocurrencies
Frequently asked questions
Overall, NEO is on a positive trend so far in 2020. There was a significant decline in early to mid-March, but the coin has recovered to peak at new YTD highs twice in September.
Yes. The right time to buy any asset is when it is undervalued. Neo has excellent potential as an asset management platform, and if it earns massive adoption in future, it could lead to an explosion in the price of NEO. In this light, it is fair to say that NEO is undervalued hence at a prime time for buying.
All top cryptocurrencies experience a certain degree of price volatility. NEO is one of these coins, and it has experienced its fair share of price gyrations. In a typical trading session, price volatility for NEO is relatively high, but the long-term trend is rather smooth.
Absolutely. The economy of the future is likely to be more digitised because of increasing connectivity. Naturally, technologies such as the one championed by Neo will be central to this revolution. This should give NEO price all the boost it needs to compete at the same level as Bitcoin.
According to CoinMarketCap, NEO was worth $21.52 in the last 24-hour trading session, which is a gain of 13.12%. The all-time high price for the coin is $196.85 while the all-time low is $0.07.
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