NEO Heads for $150 on Asian Trading HypeFebruary 28, 2018
NEO aims to regain its peak against Bitcoin as well.
NEO, which is widely seen as potentially rising much more in 2018 to achieve what Ethereum has done, is picking up speed again. The coin appreciated by more than 22% in the past 24 hours, growing to $143.99. Trading on Upbit sees NEO at a premium above $148, but Binance trading is also reviving in the past week.
Just like other booming assets, the Binance effect for NEO is due to the fact that this asset is in the top 10 of most actively traded pairs. Also, NEO trades against Tether (USDT), being affected by the added liquidity. NEO pairs are responsible for about 8% of trading volumes on Binance.
There are several reasons for the latest rise. One is the general hype and increased activity that creates an avalanche effect. The other reason is the recent drop of NEO to new lows.
But also, it is possible that NEO is seen as a hedge against Bitcoin. In the past 24 hours, NEO has had the strongest spike against BTC. The case is somewhat similar to the behavior of Digix DAO (DGD), which, however, takes up a much lower volume on Binance.
Perhaps the most immediate reason for the spike in activity for NEO is the expectation of the Ontology airdrop.
Both @kucoincom and @binance_2017 have announced they will support the $ONT @OntologyNetwork airdrop to $NEO holders. https://t.co/Du5ypScSLQ
— NEO News (@NEOnewstoday) February 27, 2018
Binance and the relatively new exchange KuCoin are one of the few that support the NEO ecosystem, both in terms of GAS distribution, and in distributing all assets and acting like a full NEO wallet. While it is risky keeping coins on exchanges, this means that coin traders will not miss on benefits and will not have to move their coins to claim the occasional airdrop, or GAS rewards.
The GAS asset has also appreciated, though it is far from peak prices. GAS grew by more than 24% in the past day to $45.66.
Increased activity on Binance also lifted the in-house token, Binance Coin (BNB), which appreciated by 18% in the past day to $10.96 from recent February lows of $6.70.
Source: Read Full Article