Although most cryptocurrencies are making some slow recovery from the price crash in December, some are showing better performance compared to others. No is one of the coins that has recorded some impressive improvement, surging over 20% this week alone.
What Could Have Triggers The Sudden Upsurge Of Neo Price?
In December, reports emerged that Russia requested collaboration with NEO developers through a document written by the Russia Association of Cryptocurrency and Blockchain. Just recently, reports other reports surfaced that Russia is expected to invest a huge amount of money into bitcoin and other cryptos to curb the new US sanctions.
A high-profile lecturer at the Moscow’s Russia Presidential Academy of National Economy and Public Administration noted that:
“Because of US sanctions, Russia’s elite is forced to dump US assets and US dollars and invest hugely into Bitcoins. The central bank of Russia sits on $466 billion of reserves and has to diversify in case there are limited opportunities to do it (in the future).”
Neo Reddit Stream Excited About The Rumors
The NEO Reddit stream has shown some excitement off the rumors that a possible partnership between NEO’s developers and Russia is imminent. The news was reflected positively on the price of NEO after it surged 15%, becoming the best performing crypto among the top forty.
NEO also seems to be enjoying better days as China’s Center for Information and Industry Development (CCID) listed the cryptocurrency among the top ten public blockchains globally. CCID announced this in a tweeter message on January 7, stating that NEO had made the cut.
Part of these, NEO has some great things coming this year. There will be a NEX event and Devcon 2019, along with the release of NEO 3.0 – a consensus algorithm update.