In the recent past, people witnessed a crash in cryptocurrency prices due to the rumours making the rounds that cryptocurrency is being banned by South Korea. Many investors began losing hope in cryptocurrencies owing to the sudden crash in its prices. Many investors were of the opinion that cryptocurrencies would never again increase in their value and 2017 was the best year so far for cryptocurrencies. But the value of NEO, a Chinese cryptocurrency increased by up to 60% in the past year alone.
NEO prediction proved the people that the cryptocurrency market to be doomed false with this surge in price.NEO was created by a Chinese developer and hence it is popularly known as “Chinese Ethereum” or “Ethereum of the East”. NEO is based on the blockchain technology and it is useful in creating decentralized applications.NEO was promoted by its creators using the concept of smart economy just like how Ethereum is based on smart contracts.
According to creators of NEO, human existence will be entirely digitized in the future.NEO is quite helpful in this regard as it can decentralize our digital identities through its technology.NEO, even though is similar to Ethereum,is cheaper and faster than Ethereum and is also developer friendly. Analysts are of the opinion that the price of NEO could easily reach $200 this year.NEO is working to achieve a collaboration with the Chinese Government. If this happens, the currency can be termed as legal. This means NEO could well cross the popularity of Ethereum, which is still not legalised by any country in the world.
The supply of NEO is limited to 100 million. Now 65 million coins are in circulation. If the NEO platform boosts its marketing skills and demonstrates its effectiveness fordApps, the currency can get more number of investors and this in turn could lead to an increase in demand and drive its prices further. The NEO cryptocurrency tokens can be bought and sold on a number of exchanges. Hence many people especially the newbies in the cryptocurrency market would like to invest in this cryptocurrency, because of its ease of access. This also increases its credibility which can drive its prices.
According to analysts, China has a huge population and is also the second largest economy in the world. Once NEO becomes the chosen platform among Chinese developers, the price of this currency drastically increases. By investing in NEO, you will also be provided with GAS which is another crypto token that is used in transactions in the NEO system.