Yesterday (November 17) Neo’s price climbed significantly. Neo started the day priced at $28 and ended it at $41.
Neo’s current price at the time of writing is $46.
Why the big increase in such a short space of time?
Time and time again we have seen Crypto currencies rise and fall massively in a short space of time following news, announcements, or even rumours!
Yesterday twitter was fuelled with a high number of Neo rumours. Word began to spread that Neo were planning to make a big announcement within the coming days. The rumours circulating twitter and the internet, include the following:
- Neo will be working with Chinese authorities who will only allow Neo ICO’s
- Bittrex (trading platform) will announce the introduction of GAS on their platform and provide current holders of Neo with a ‘free’ GAS for every Neo held in their account.
- The Chinese government will support Neo and provide grants for further development
The rumours on twitter are increasing, yet unconfirmed. Investors do not want to miss out on the next ‘Bitcoin’ which is why even unconfirmed rumours can cause a huge spike (or fall) in price.
Earlier this week we saw Ripple’s XRP rise by 30% almost immediately following an announcement from Amex. Once investors realised that Amex had not stated they would be using XRP, the price soon dropped (click here for more).
Nevertheless if Neo continues at this current rate it could soon reach $100! However, if the rumours turn out not to be true then we could see the price drop as quickly as it climbed.
Based on previous news and developments with Neo we do expect to hear some confirmed positive news surrounding Neo in the near future.
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We are not investment or financial advisors and are here to provide news and our opinions. Please be fully informed regarding the risks and costs associated with trading the financial markets and the Cryptocurrency market, it is one of the riskiest investment forms possible.