Why Is NEO Crypto Price Soaring?

Dubbed the ‘Chinese Ethereum’ NEO is the best performing cryptocurrency in the top 10 ranks. It is now a solid rival to Ethereum. In the space of a few hours it has gained over 30 percent to $107.81 per token, it has also risen 50 percent since the beginning of 2018. Why is the price soaring?

There are a couple of key points why, firstly:

• Unlike Ethereum NEO supports multiple languages
• Better scalability than Ethereum, it is faster carrying out 10,000 transactions per second and user-friendly
• NEO’s technology is user-friendly with features that have been developed in familiar languages like Java, C#, JavaScript, Python, etc
• Gaining traction outside of China, with over half its trades now coming through the U.S. and South Korean exchanges. China’s government is planning to cut off access of its domestic users and is targeting foreign exchanges
• Buyers of NEO who have a certain amount of coins in their wallets get rewards with NEO GAS, a form of a crypto dividend. The mechanism an important aspect of NEO can be staked to produce another cryptocurrency NEO GAS, which helps to pay for the deployment of smart contracts and computation in the network. An incentive for investors, it is available to trade on crypto exchanges and is valued at $40.56
• Cryptocurrency investor sentiment has turned positive following the announcement from U.S. regulators that it will not be banning cryptocurrencies as did the South Korean government
• NEO’s visibility outside of China has risen following a meeting with crypto developers in Silicon Valley at the Developers Conference last week, which was hailed as a success. New applications for NEO were showcased as the founders put forward the pros over Ethereum

Where to Next?

With all the many beneficial factors supporting NEO, the world’s sixth largest cryptocurrency by market cap, it is set to take the market by storm with serious competition to Ethereum. Who knows it can possibly overtake Ethereum in the not too distant future and become the 2nd most valuable cryptocurrency.

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