Jamie McNeill
Neo, sometimes referred to as the “Chinese Ethereum” has been climbing as of late, and many investors are now excited about the possibility of the project and its price potential moving forward.
Neo is a smart contract platform that became incredibly popular in the bull run of 2017 based on this narrative, but since this bull market has consistently been losing market share.
Whilst Ethereum has continued to rise in value significantly and maintain its status as the crypto hegemon, other layer one Turing complete blockchains have also joined the fray, and Neo’s market share has continued to be diluted.
Can the Chinese Ethereum climb to $100?
It is quite possible that over the course of the coming months, especially if a bull market hits, that the value of NEO could recover to reclaim $100.
The ATH for NEO currently stands at $198, meaning that reclaiming $100 would still be approximately 50% lower.
Of course, this depends largely on market sentiment, and would likely require a strong catalyst for growth, particularly when one considers that NEO’s $600m market cap requires significant capital to move the price.
Alternative investments
For those looking for a better risk/reward, speculating on projects that have a stronger track record of growth may prove to be more prudent.
In the last bull market, NEO wasn’t able to successfully exceed its previous ATH, which was set in January of 2018.
On the other hand, there have been several blue chip assets that have strong market fit and have managed to develop more consistently.
Ethereum, for example, has far more developers working on it than NEO, and that this has been reflected in the usage of Ethereum’s dApps as well as its price performance.
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This article was written for Business 2 Community by Jamie McNeill.
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