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China Rally 2.0: NEO, VeChain, Ontology Record Double-Digit Price Gains

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Tue, 11/12/2019 - 13:53
Alex Dovbnya
NEO (NEO), VeChain (VET), and Ontology (ONT) keep surging while China is warming up to crypto
Cover image via 123rf.com

A bevy of Chinese altcoins is rallying hard once again. According to data provided by cryptocurrency tracker CoinStats, NEO (NEO), VeChain (VET), and Ontology (ONT) are among the best-performing coins at the time of writing after recording double-digit price gains. 

image by coinstats.app

Related
EOS Remains in First Place on China's Updated Crypto Rankings. What About Tron, Ethereum and Other Coins?

Cryptocurrency trader "Paddy Stash" says that NEO has formed another higher high after holding support, which might signal further price gains. NEO is currently the 20th biggest coin by market capitalization with its market cap sitting at $860 mln.  

This is already the second China-specific rally in less than a month. As reported by U.Today, the aforementioned coins spiked by more than 40 percent after Chinese President Ji Xinping showed his support for blockchain, the very technology behind the vast majority of cryptocurrencies.

Related
Bitcoin and Blockchain Interest Explodes in China After Xi Jinping's Comments

This gave legs to the narrative was the main catalyst for Bitcoin and top altcoins, which also surged hard after President Xi's U-turn on crypto

In other news, China's oldest newspaper had a front-page article about Bitcoin, which shed light on the main peculiarities of the top coin. 

About the author

Alex Dovbnya (aka AlexMorris) is a cryptocurrency expert, trader and journalist with extensive experience of covering everything related to the burgeoning industry — from price analysis to Blockchain disruption. Alex authored more than 1,000 stories for U.Today, CryptoComes and other fintech media outlets. He’s particularly interested in regulatory trends around the globe that are shaping the future of digital assets.

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