Bitcoin
NeosCoin (NEOS) Could Be A Great Short Term Crypto Trade
It’s time to talk about NeosCoin (NEOS). This is a coin that was trading for no more than a penny a piece back in the middle of the year. It’s one of those tokens that sort of ran under the radar against a backdrop of the major coins appreciating in value but that, slowly, has crept into the consciousness of cryptocurrency traders and – especially over the last few weeks – has leaped into the spotlight.
Well, sort of.
At current prices, it’s still only sitting on a market capitalization of a little over $46 million and twenty-four volume comes in at around $3.6 million. That doesn’t sound huge but, again, we’ve got to look at how far Neos has come over the last few weeks alone, and this adds a little perspective to the current metrics.
NEOS Daily Chart
So is this a sign of further appreciation?
Let’s try and answer that question.
First up, it’s well worth noting that this one is a relatively young project. Young, that is, in that it’s still in the early to mid stages of development. The coin that underpins the technology isn’t actually all that new, but what Neos is trying to do is still in buildout.
So what is it that the company is trying to do?
Well, it sounds grand – the company is trying to create a new version of the internet.
It sounds grand, because it is. Basically, Neos is trying to employ the decentralized features that a blockchain network allows for to build a network across people can share content, pictures, all that sort of thing (basically, anything that can be shared online) and is building out a front end to this network that is similar to the current format of the world wide web – websites, community spaces, content creation and publication capabilities, all that sort of thing.
So what’s driving the action of late?
To be frank, not a whole lot. Not a whole lot, that is, outside of what seems to be a huge boost ins speculative interest in the coin over the last couple of days. A look at the company’s Twitter hints at planned hard fork but nothing is confirmed yet and we don’t know any set timeframes for the fork in question. Despite this seeming lack of activity (we’re not talking about operational activity here, but more about a lack of communication in terms of fresh operational milestones being reached), volume (as mentioned above) is in the millions on the twenty-four-hour span, with early week volume hitting as high as $5 million worth of coins trading hands daily. When you’re looking at a coin with a market cap of $45 million, this sort of activity is really going to spark some upside action – assuming the sentiment bias is with the bulls, and it very much is here.
So this really does just look like some word of appreciating and – for us – that’s interesting. We often see this sort of action precede a much bigger run, as the major news outlets start to feature the coins in question in their biggest movers tables and – in turn – an increased (secondary) wave of speculative volume flows towards the coin. A sort of self-fulfilling bullish spiral, if you will.
Whether it’s a buy and hold at current prices is tough to say. The vision is there but there’s a lot of execution required to make it a reality. We’re not too concerned with that right now, however. What we’re looking at is this one’s potential for near-term appreciation and – in turn – its value as a short-term trade.
And from that angle, it looks great.
We will be updating our subscribers as soon as we know more. For the latest on NEOS, sign up below!
Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Please conduct your own thorough research before investing in any cryptocurrency.
Image courtesy of Neos.
Bitcoin price dumped hard on Monday, briefly slipping below $41,000, erasing gains recorded in the previous week. The premier cryptocurrency seems to have exhausted its recent rally propelled by industry vulnerabilities. At the time of writing, the world’s largest cryptocurrency was trading slightly lower at $41,385. Bitcoin’s total market cap has dipped by 2% over the past day, while the total volume of BTC tokens traded over the same period climbed by 58%.
Fundamentals
Bitcoin price has been facing retracements and a rollercoaster over the past few days after recently rocketing to a 20-month peak. On-chain data has suggested that many investors used the opportunity to take some profits, leading to a decline in the asset’s price.
Bitcoin’s price slump is mirrored in the wider crypto market, with the global crypto market cap decreasing by 1.85% over the past 24 hours to $1.55 trillion. The total crypto market volume has increased by 32% over the same period. The Crypto Fear and Greed Index has plunged from a level of extreme greed to a greed level of 70, suggesting a decline in risk appetite.
Ethereum, the largest altcoin by market capitalization, is currently trading at $2,167, down almost 3% for the day. Meme coins have been hit hard by the market slump, with Dogecoin and Shiba Inu down by more than 4% over the last day.
Last week on Thursday, cryptocurrency experts took notice of…
Bitcoin price edged lower on Thursday despite optimism in wider markets on the back of the Fed’s interest rate decision. The flagship cryptocurrency has been consolidating above the critical level of $42,000 after briefly topping $44,000, its highest level in 20 months. Bitcoin was trading 0.71% lower at $42,569 at press time. BTC’s total market cap has increased by more than 3% over the last day to $832 billion, while the total volume of the asset traded over the same period jumped by 22%.
Economic Outlook
Bitcoin price has been trading sideways over the past few days, suggesting a pause in its recent rally towards $45,000. The premier cryptocurrency has decreased by 4% in the past week but remains 15.22% higher in the month to date. The digital asset has staged a significant recovery this year after a torrid 2022 in which a string of scandals, including the collapse of FTX, led to a market meltdown, undermining the credibility of the sector.
The crypto market has been buoyed by the Fed’s latest interest rate decision. The US Federal Reserve on Wednesday held its key interest rate unchanged for the third consecutive time, in line with market expectations. With the easing of the inflation rate, members of the Federal Open Market Committee (FOMC) voted to keep the benchmark overnight borrowing rate in a targeted range between 5.25%-5.5%.
Additionally, the central bank indicated that three rate…
Bitcoin price has been hovering above the $43,000 psychological level over the past two days amid anticipation about the potential approval of a spot bitcoin ETF. The flagship cryptocurrency has climbed more than 16% in the past week and nearly 170% in the year to date. Bitcoin’s total market cap has increased by nearly 5% over the past 24 hours to $858.9 billion, while the total volume of the token traded rose by 43%. The Bitcoin price was trading at $43,914 at press time.
Fundamentals
Bitcoin price has posted significant gains over the past few days, climbing to its highest level since April 2022, before the crash of a stablecoin that started a litany of company failures, pummeling crypto prices. The world’s largest cryptocurrency briefly topped the crucial level of $44,000 on Wednesday amid rising momentum despite being massively overbought.
According to analysts, with no spot bitcoin ETF approvals yet and the halving event five to six months away, the market is riding on FOMO. Capital has been flowing in the Bitcoin market amid enthusiasm that the launches of spot ETF will bring in billions of dollars of new investment into the crypto sector.
Investors have already started providing capital as seed money for ETF products. Notably, a recent report by CoinDesk showed that the world’s largest fund manager, BlackRock, received $100,000 in capital from a seed investor for its spot bitcoin exchange-traded fund…
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