Neo, also known as the “Chinese Ethereum”, has been continuing to gain traction over the course of the last few days as investors seek to capitalise on what seems to be a somewhat friendlier attitude to crypto than China had previously displayed.
NEO price has risen 12% in 24 hours
The NEO price has now risen by over 12% in the last 24 hours, in what many believe could be the start of a bright new bull market.
There are many traders who are now speculating on the price “Chinese Ethereum”, believing that the price will appreciate significantly in the coming months as NEO builds out and enhanced their dApp ecosystem.
China halts further interest rate rises
One of the main catalysts for the recent appreciation in price has been the fact that the Chinese central bank has decided to halt their interest rate rises.
At the Federal Reserve, the decision has been made by Jerome Powell that interest rates will continue to rise until inflation is finally under control.
However, the Chinese economy has also been suffering lately, and despite concerns about inflation the central bank is trying to stimulate the economy once more.
This new comes after China has suffered a meltdown in a variety of different areas of their economy, particularly with regard to their housing market, which was highly over-leveraged.
Could NEO reach $50 soon?
Currently, the NEO market cap is sitting just underneath $1 billion, with a fully diluted market cap of around $1.4 billion.
Depending on one’s perspective, and how much of a market share one believes that NEO rightly deserves in the competitive ecosystem of Turing complete blockchains, there may be significant upside available to be captured for those investors who are willing to take the added risk.
Certainly, if there is a bull market on the horizon, one could reasonably expect that the value of NEO will continue to appreciate, but one should also be wary of the added competition and the opportunity cost of this investment – this is all the more relevant when one considers that NEO failed to break its ATH (which it set in 2018) in the previous bull market.
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