- Price $16.33
- Market Cap
NEO, formally going by the name Antshares, has had a dramatic rise to fame in recent months. It is most well-known for its dramatic and explosive growth in early 2018. There is a lot of hype around this new cryptocurrency, with many people dubbing it ‘the Chinese Ethereum’.
The term NEO originated form the ancient Greek prefix of ‘veo’, meaning ‘new’, ‘modern’ and ‘young’. The project was founded as both a community-driven and funded project, which had an overall goal of utilising the power of the blockchain to digitise assets using both common programming language and smart contracts. Therefore, you can see the similarities between this platform and the blockchain platform, as they both have a base of smart contracts and are bring blockchain to everyone.
The Difference Between Ethereum And NEO
The main difference is that NEO is the new and improved version thanks to both learning from the mistakes Etherum previously made and because of the advancement of technology. Therefore, it is looking like a promising platform to invest in.
In the past few years the platform has made some big strides in the industry. It has a huge potential market, which means there is a lot to be excited about.
There is a fixed number of NEO shares which is set at one million, a number that can’t be increased. A big difference between NEO tokens is they can’t be split into a smaller cryptocurrency like others can, such as the Bitcoin.
In The Beginning
NEO first hit the exchange in September 2016, and as to be expected with a new cryptocurrency, its value was very small, under a dollar in fact. Each NEO had the value of 0.558478 cents in the 9th September, and there were only 1,349 coins available to exchange at that point in time.
A month later, on October 26, there wasn’t too much of an improvement, as the price of NEO had only risen to the price of 0.129615. It looked like to investors that although it may be an interesting concept, it was not going to make them into a millionaire overnight, it would be more of a slow and steady wins the race concept.
Hitting The Dollar Mark
On May 24 2017, NEO finally broke the dollar mark, coming out at $1.76, and it was at this point that things really started to take off. By June 16 its value had almost doubled, and was valued at $2.77, but then just 3 days later, on June 19th, it had reached $11.72! From the coins opening value, this was an increase of 182%, something that must have got investors pretty excited.
There could have been many reasons for this huge jump, but one of the main reasons could be to do with the rebranding of NEO which took place that month. This rebranding of course resulted in a lot of press and media coverage around the coin, which in turn attracted more attention and investors.
It remained at basically the same price until August, rising and falling between the $5 and $10 mark, before reaching $15.
Its growth didn’t stop there however, with the value of NEO taking a sharp upward trend and reaching a peak of $47. It is hard to believe that just a year previously the coin was valued at less than a dollar, but this was still just the beginning. Its value ended the year on high at $75.96, giving investors high hopes for the following year.
Reasons For NEO Price Increase
This price increase could have been to do with the company’s recent collaboration with Chinese certificate authorities to use its smart contract platform to map real-world assets. Additionally, NEO has also established partnerships with other large crypto-start-ups such as Bancor and CoinDash. Lastly, they also recently received a new patent for cross-chain interoperability, all of which would have made people more interested in investing.
It was on January 3rd that NEO reached over $100, which, when compared to the previous year, is an incredible 200% increase. This price continued to remain pretty consistent for the following couple of months.
A Price Spike For NEO
By February 26, Neo did something incredible, it outperformed the rest of the cryptocurrency market and was up 15% in just one day. This helped it to recuperate much of the losses from its previous crash. The reasons behind this spike in NEO coin price are largely based on short term speculation. The majority of the trading volume is coming from Asian exchanges, countries such as Japan, South Korea and China, therefore is beginning to make massive traction in Asia.
From there is just kept on growing, certainly making it one to watch in the digital currency world.