Neo is a blockchain based platform that supports its own cryptocurrency and enables the development of digital assets and smart contracts, and it focuses on being regulatory compliant. Its purpose is to automate the management of digital assets by using smart contracts which will eventually land in constructing a distributed network based smart economy system. Neo blockchain is open, decentralized, trustworthy, traceable and transparent which is also free of intermediaries and the associated with them. Neo also provides the necessary platform through which the physical assets can be linked with an equivalent and unique digital avatar on the network. This helps the users to buy sell, record, exchange and circulate various kinds of assets on their own accord. The key advantage is the security that the platform provides. The assets registered on the NEO network through a validated digital identity are protected by law. Neo shares the concept of digitalized assets and smart contracts with the other crypto coins. The important feature that separates it from other cryptocurrencies is the “digital identity.”
Neo supports two crypto coins- NEO and GAS. It supports programming all mainstream languages which enable a large community of developers to contribute easily. The transaction fees for the utilization of NEO network can be paid using this non-divisible NEO token that generates the GAS tokens.
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Neo is the 17th largest cryptocurrency in the market with its current market cap value of USD 552,198,390 as on March 05 at 15:34 UTC. Based on the analysis by Coinmarketcap, the MCap value is based on the circulating supply of 65 million NEO coins out of a total supply of 100 million NEO and the corresponding 24h volume of $298,524,303. The latest value is higher than its relative value of USD 449,188,130 on February 08 by 22.83 percent. The market traded above 480 million at the beginning of January and crossed 600 million between January 09 and January 10, with an average increase in the value of 25%. However, the market value capsized and had been on a downtrend till February 08, with its lowest value on February 01 of USD 446,188,130. For a brief period, the market had improvised and reached its crest of USD 679,372,151, compensating for the earlier losses. The uptrend did not sustain for long, and the market value moved downhill reaching the current MCap value of USD 552,198,390 which is 18.72% lower than its peak value. The market on the downtrend shows the strain of the bearish pressure on the cryptocurrency.
Current price value of USD and BTC are $8.50 and 0.00225124 with the 24h volume is 298,524,303 USD on March 05 at 15:34 UTC. Both the prices of BTC and USD are on a swing with its immediate ups and downs. Along with MCap value, the BTC and USD values reached its peak on February 24 with values of $10.45 and 0.00252498 which are 18.66% and 10.84% higher than the current values. The Price of USD and the MCap value of the cryptocurrency have overlapping each other wherein the price of BTC has been running parallel to the pair but have been on similar ups and downs. Bitcoin’s prices have been majorly range bound, and the values have been wavering between 0.0020 and 0.0023. However, the extreme prices were- the highest crossing 0.0025 and the lowest falling below 0.0020. The currency reached its milestone between USD 8.27 on February 18 and USD 10.56 February 24, with a 27.69 percent increase in the USD pricing. The traders must explore the trend and contribute towards raising the value to keep the market uptrend.
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However, the moving averages are not in support of the market’s progress. The 20-day EMA show shows an uptrend with the values increasing from February 13 with the value of $536,136,302 to the present value by a negligible 3 percent. And the 14-day moving average shows a downtrend in the MCap value by 8.04 percent. The clash in the moving averages puts the crypto-coin in the bear market territory. Considering the overall market and NEO price prediction, investors with long-term investment plans should venture into this cryptocurrency. As far as traders with short term plans are concerned, they will have to sideline, observe the trend and invest when it turns out advantageous.
