NEO, billed by many as “China’s Ethereum,” grabbed the number 6 spot as its price neared $50, giving it a market capitalization of $2.445 billion, surpassing seventh-place Litecoin’s $2.283 billion, according to coinmarketcap.com. NEO’s price of just over $18 seven days ago jumped well over 100 percentage points in the period.
NEO reached $50 on Sunday, then dropped to $46.25 on Tuesday. The price was $11.79 on June 20, which marked a significant high point from late May when the price was about 50 cents. The price began accelerating in early June.
NEO was the only top 10 crypto to post a gain in the 24-hour period, rising nearly 5 percentage points, along with 8th place NEM and 9th place Dash which rose 3.5 points and 0.22 points, respectively.
Gaining China’s Approval
NEO seemingly has approval from the Chinese government – having attended a government-sponsored industry conference, which could bode well for the blockchain project.
If NEO becomes the default cryptocurrency of Chinese projects, on which they build Ethereum-like projects, then it is easy to see a strong and developed response in China garnering a lot of value.