NEO Price Skyrockets by More Than 45 Percent, Leading Massive China Coins' Rally

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Sun, 10/27/2019 - 17:36
Alex Dovbnya
The Chinese Ethereum is on a tear with its price surging by more than 45 percent
Cover image via www.123rf.com

NEO, the token behind the eponymous Chinese Blockchain, has exploded in value with more than a 45 percent gain over the last 24 hours.

At the time of writing, the 18th biggest cryptocurrency is changing hands at $12.24, its highest price level since July 2019. 

image by coinstats.app

Trading expert Josh Rager points out that the trading volume of NEO has increased by more than $1 bln, which shows that investors are FOMOing in on the China news. 

NEO, which of often referred to as the "Ethereum of China," has a lot of in common with the second biggest Blockchain out there. Both of these projects allow their users to create smart contracts and dApps. However, NEO is more scalable, and its supporters believe that it could take Ethereum's crown one day.  
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As reported by U.Today, China's President Xi Jinping officially embraced the Blockchain technology on Oct. 24 despite the fact that Bitcoin has been banned in the country since September 2017. 

The abovementioned endorsement allegedly gave a huge boost to positive crypto sentiment around the globe with Chinese cryptocurrencies experiencing the biggest gains. NEO (NEO), Ontology (ONG), Nebulas (NAS) are currently leading the ongoing cryptocurrency market rally.  

Tron (TRX), the token of Jack Ma protege Justin Sun, is also on a tear, having surged by more than 17 percent, according to CoinStats data.        

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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, can be contacted at alex.dovbnya@u.today.

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