Billed as the Chinese ethereum, NEO has had a blockbuster six months.
In May it was trading at US$0.54 per token.
At time of writing it was US$36.31.
That’s a rise of 6,700%.
Huge, even by crypto standards
Over the weekend we saw more bullish moves with a sharp rise from US$28 to a high of US$41.77.
So, what’s going on with neo?
Well over the weekend the company made a big announcement.
The news was that NEO was to be the network of choice for a new project called the Ontology Network.
To some extent, it’s a decentralised data exchange system.
From the release:
‘Ontology Network aims to develop its trust ecosystem through partnerships to provide distributed services including distributed communities, data verification, data exchange, and credit across industries. Applicable scenarios for the technology include finance, internet of things, payments, insurance, media, software development, asset titles, medical and government.’
Like Ethereum, NEO is setting itself up as a base layer crypto.
NEO price could go higher
A crypto underneath a whole eco-system of innovation in smart contracts. That means its potential is exponentially high and why it’s moving so high, so fast.
At a market cap of US$2.3 billion, there’s no question that this crypto could be a major player in the future.
And the Chinese model of imitation could result in several big Chinese based cryptos. Just like Alibaba Group Holding Ltd [NYSE:BABA] copied Amazon.com, Inc [NASDAW:AMZN] in the online shopping world.
The world of cryptocurrencies is growing by the day.
You can learn more about this exciting new technology here.
Editor, Money Morning