The crypto market continues its struggle to reach stability and to improve on the prices on digital currencies, and with the recent price increase led by Bitcoin (BTC), many have started looking into altcoins worthy of investment. Today, we will discuss why buying NEO right now might be the right choice for any aspiring crypto investor.
Crypto market active once again
It is the first week of August, and crypto investors are still trying to figure out what is the best altcoin to devote themselves to. July has ended with an indication of a bull run, led by a sudden increase in Bitcoin’s price, and the leading crypto went up by $2,000 in only a few short days. This has led many other currencies to follow along, NEO being among them as well.
Soon after, Bitcoin’s sudden rise stopped, but that doesn’t mean that this situation will stick, and it is more than possible that the price surge might continue in August. Currently, a lot of cryptos are in the green, with NEO, once again, being one of them. So, obviously, the market has seen quite a lot of activity recently, and the new excitement regarding the top altcoins has arrived.
It seems that the market can finally drop its bearish attitude for the first time since January if we ignore the false alarm that happened in mid-May.
So, why is NEO the right choice?
One of the biggest reasons why you should go for NEO in this time of change and possible recovery is the way that NEO has been acting prior to this year’s bearish market. Back in the day, when the crypto prices went on a true rise, NEO managed to hit $187, which was its record, and it came just before the market drop in January. If it weren’t for the constantly bearish market, NEO’s price could have survived the first wave of price drops. Its value even managed to hold on to a decent price for over a month of price drops, which was seen in mid-February, when it was still quite good, at $144 per coin.
However, the market remained bearish for over half a year, and by May, NEO dropped below $100. Many expected that this is as low as it can get and that the situation will surely take a turn for the better soon. However, they were disappointed when NEO dropped to $29 by the end of June. Such a low price was last seen back in November of the last year, and the investors thought that this is surely NEO’s bottom. A little over a month later, NEO has dropped again, but only slightly, and many would argue that the current price of $28.05 might indeed be as low as it could get.
So, obviously, NEO has been performing more than well under the proper conditions. If the market can truly shed its bearish skin, then this crypto might skyrocket once again, especially with its popularity in the eastern part of the world.
The second big reason why buying NEO is a good idea includes its platform’s efforts to reach decentralization. Exactly a month ago, on July 4th, a new announcement came from the NEO Foundation, claiming that the new consensus nodes are to be elected. This will effectively start a completely new, decentralized era for NEO. City of Zion’s candidate node got elected after running without issues on the NEO TestNet for over half a year.
Now, the CoZ is working on NEO’s blockchain, and it might bring a lot of positive changes to the way this crypto works. With an ultimate goal being to reach the global smart economy, NEO has a large potential to change the world, and the only thing it needs to do is the trust of its investors and supporters. NEO has proven that it can survive, change, adapt, and try to achieve the best version of itself, even when the market is constantly unfriendly towards it.
This is truly one of the few cryptos worthy of trust and support, and every effort to help it achieve its goal is sure to be returned, as soon as the right conditions are met.
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