Connect with us

Blogs

A Mixed Week for NEO

Published

on

NEO
READ LATER - DOWNLOAD THIS POST AS PDF

At a time when Cryptocurrency adoption is increasing at a surprising rate, the China Information Industry Development Centre announced yesterday that they had released the second batch of their state-endorsed cryptocurrency ratings, with the likes of EOS, Steem, Lisk and more importantly NEO getting featured. As the ranking system takes into account various factors based on technology, application, and innovation, getting featured in such an index is a great step forward for NEO, as far as adoption is concerned.

However, this is not the only piece of news that involves NEO in the past week. It was also revealed that Kucoin, one of the major exchanges in Asia, had removed eight NEO pairs along with other KCS and USDT trading pairs.  Among the currencies that had their NEO pairs removed, mention can be made of Ontology (ONT), Litecoin (LTC), Zeepin (ZPT), Aphelion (APH), Oyster Pearl (PRL), DeepBrain Chain (DBC), Red Pulse (RPX), and QLC Chain (QLC). It remains to be seen how NEO’s price reacts to the current market sentiments after these latest developments materialize.

  1. NEO Gets Featured on Public Chain Evaluation: As mentioned earlier, the CCID institute of Blockchain research, which falls under the jurisdiction of China’s Ministry of Industry and Information Technology, had recently featured NEO after their second round of evaluations were conducted. The list titled “The Global Public Blockchain Technology Assessment Index” ranks cryptocurrencies on the basis of three main factors, which include technology, applications, and innovation. The list aims at creating a comprehensive and independent assessment rating for all cryptocurrencies/blockchain projects for the Chinese public. Neo has been considered before when the CCID report for May placed it at rank 4 among the 28 blockchain related projects, firmly placing it behind the likes of Ethereum, Steem, and Lisk. However, this time around Neo was placed 3rd among a list of 30 Cryptocurrency projects in the June report.  With only Ethereum and EOS ranked before it, NEO also scored the highest rating in the applications category. As far as cryptocurrency adoption is concerned, this addition will only further validate the legitimacy of NEO as a major Cryptocurrency especially in the Asian region.
  2. Removal of Trading pairs From KuCoin: On June 21st it was announced that Kucoin, a large cryptocurrency exchange had taken the decision to remove certain NEO pairs from several cryptocurrencies, including Ontology, Litecoin, and Red pulse. According to the notice released by Kucoin on June 22nd, “KuCoin is dedicated to creating a healthy exchange ecosystem by investigating high-quality projects and utilizing resources to better serve our users. We have been closely monitoring and analyzing all the trading pairs on KuCoin. Based on the comprehensive assessment, KuCoin will remove the following trading pairs”.
    It is believed that the decision was made after the exchange analyzed all the trading pairs and their performances, with the aim of allocating resources for delivering a better user experience.
  3. NEO Name Service Project: According to a medium post released by NewEconoLabs, a new project called the NEO Name Service Project was unveiled. The fruition of this project would allow users to create .neo top-level domain names or TLDs to replace the existing script hashes and wallet addresses. This is a welcome move for the NEO community, as the shortcomings of Neo addresses become more apparent as adoption grows.

Current Market scenario for NEO

NEO has always put a heavy emphasis on smart contracts to build what they call “a smart economy”. Since being introduced in 2014, NEO’s value has grown by leaps and bounds, as awareness around smart contract uses increases around the world. At the time of writing (25/06), NEO is valued at $31.70 USD placing it in Rank 12. Analysts have forecasted that Neo should reach around $ 355 by the end of the current calendar year.

Final Thoughts

While the awareness of crypto-assets is on the rise and the thrust on digitizing assets increases at a rapid rate, projects like NEO have immense potential in the near future. As the traction of the Neo platform increases day by day, the price of the token will also simultaneously increase. Furthermore, Neo’s strength lies in the scalability of its platform which in turn has attracted quite a number of large investors in recent times. Even institutional investors are starting to hop on board, as NEO Announces more integration, partnerships, and other technological updates.

For the latest cryptocurrency news, join our Telegram!

Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Pexels

Altcoins

Cryptocurrency Collateralized Debt Positions Are Growing in Popularity

Published

on

collateralized debt position
READ LATER - DOWNLOAD THIS POST AS PDF

While Bitcoin (BTC) continues to hover around the magical 10,000 price level, altcoins continue to fight an uphill battle.  Simply put, hopes of a future bull run continue to diminish as Bitcoin maintains its dominance.  One school of thought is that a few altcoins will survive and flourish, but which ones are anyone’s guess.  That being said, it’s hard to go wrong picking against the top coins like Ethereum (ETH), Ripple (XRP), Litecoin (LTC), and EOS.  These projects have managed to find a foothold in the market and have a better chance than most of staying there.  While traders wait for their positions to increase in value, one opportunity that may be worth looking at is initiating a collateralized debt position.

What is a Cryptocurrency CDP?

In traditional terms, a CDP is essentially putting up collateral in order to receive a loan against the deposited amount.  There are several examples of this in our day to day lives.  Auto title loans from large companies like TitleMax are extremely popular with consumers.  Consumers are essentially able to use their car as collateral in exchange for a cash payment which can then be used for whatever needs the consumer has.  The consumer can continue using their car as long as debt payments are made.

The same concept applies to cryptocurrency CDPs.  Consumers are able to put up crypto tokens, such as…

Continue Reading

Altcoins

Hodium Presents a Compelling Opportunity for Outsized Investment Returns

Published

on

Hodium
READ LATER - DOWNLOAD THIS POST AS PDF

I’m sure all of us remember the cryptocurrency glory days of 2017 and early 2018.  It was one of the biggest bull runs in history and created incredibly wealth for quite a few early entrants.  Unfortunately, for most of us, those gains have most likely been wiped out during the altcoin apocalypse.  The truth is that traders probably thought a bit too highly of their trading abilities when the reality was that anyone could have thrown a dart at a board and ended up making money.

As markets mature (and the crypto market is definitely maturing) it becomes more and more difficult to generate alpha.  In that regard, it’s similar to traditional financial markets.  I can remember trading during my high school days.  It was the late 90s and right in the middle of the dot.com boom.  Eventually, however, the euphoria fades away and reality hits hard.  Now, it’s become rather difficult to actually trade profitably which has given way to the rise of hedge funds.

Hedge funds are investment funds that pool capital from accredited and/or institutional investors and invest in a variety of assets, often with extremely complex portfolio-construction and risk management techniques.  The professionals employed by hedge funds are the best of the best and have spent years honing their craft.  That is why they’re able to make the millions of dollars that they normally…

Continue Reading

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Elite