The crypto market has been critical so far, as most of the gains recorded by the currencies have been reversed in the past few months. With Bitcoin’s price dropping by a huge margin, the market has become incredibly volatile. Tracking the price movements, this year has been a profitable year for altcoins, and NEO certainly features among the top gainers in the market.
With the entire crypto market recovering from a price slump, there hasn’t been any positive momentum in the market so far, and any occasional uptrend is dragged down right away. Despite all the price volatility, NEO’s price has recorded some positive moment. The rising altcoin, which ranks 11 by market capitalization, is moving towards the $60.00 price level, but it’s hard to determine whether it is safe to invest in NEO at the moment. If you are wondering whether the coin has gained stability in the market, here’s a brief insight into the latest developments on the blockchain.
NEO, A Step Towards Smart Economy
With cryptocurrencies being integrated into several notable projects, the blockchain technology has become a talking point in the market. As the platform of the new internet, NEO specializes in all the significant aspects of the blockchain technology – Dapps, ICOs, and smart contracts. The crypto project which utilizes digital identity to digitize financial assets serves as a medium for automating the management of these assets with the help of smart contracts, fostering a “smart economy” based on the distributed financial network.
As the building block of a smart economy, NEO offers digitized financial assets, with each asset containing proof of ownership in the blockchain. Quite naturally, the digital assets can be sold, traded, and leveraged through smart contracts, while the ownership of the assets can be secured and regulated through the decentralized protocol. In the highly volatile world of digital currency, anonymity is at the forefront of any major technological advancement.
To comply with the regulatory standards, NEO aims to provide digital identities based on PKI or Public Key Infrastructure. NEO, which has partnered with THEKEY, will provide users with secure digital identification.
Upgrades on the NEO Network
Looking at the events in the past few months, NEO has witnessed some interesting developments on the blockchain. To begin with, NEO based Switcheo Exchange announced completing integration with ledger hardware wallet devices. Although the integration has already taken place, the development team is holding off the operation s of Switcheo’s new smart contract due to certain technical improvement on the NEO blockchain. As per the statement issued by NEO, users can now trade with Switcheo and Ledger smoothly following the instructions released by the team.
Speaking of further developments, the blockchain has also released the development report for May 2018 on Medium, besides publishing an interview with Robbie Wang, the overseas community operations manager at NewEconolabs recording the upcoming NEO Name Service domain project. The most talked-about event, however, is Alchemist’s announcement of issuing a Stablecoin on the NEO Blockchain. Considering the competition of the stablecoin market, such a move has raised many eyebrows. Apart from Tether, the most vied-after stablecoin in the market, there’s TrueUSD, which recently gained momentum. With Tether’s USDT and TrueUSD lighting things up in the stablecoin world, Alchemist’ s decision of introducing a stablecoin on the NEO market is definitely something to watch out for.
NEO and the Market
As evident from the price charts of the last few months, the market is recovering from a major bear run. Given the price volatility in the market, a positive momentum is unlikely to befall soon. As for NEO’s price, a sudden dip to $57 made investors nervous last week. Much to the traders’ relief, the concern was short-lived. The coin has recently reached $57 price level, recording a 1.47% move over the last 24 hours. Although the coin is trading in the red, it has seen a positive change of $9.68 over the last 7 days. With a market capitalization of $3,534,056,500, NEO is available to the traders at $54.37 at the time of writing. As the crypto market expands to include a host of new currencies, investors are at a loss when it comes to choosing a suitable investment option. NEO, which has evolved over the last few months to become a pioneer in the field of cryptocurrency, has come a long way from its ICO days. At any rate, going by the prospects of the blockchain project, NEO can be the ultimate game-changer in 2018.
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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.
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