- The seventeenth-largest cryptocurrency records a more than 50% jump
- Other China-based crypto assets enjoying a good hike too
- The market is enjoying a bull rally that has the world’s leading cryptocurrencies surging 42%, the third-largest increase in BTC price ever.
Altcoins also saw a huge uptick in their price that added more than $55 billion to total market capitalization. However, the spike in altcoins hasn’t been as much as the flagship cryptocurrency because we saw BTC dominance yet again sailing pass 70%.
Having said that, there have been a few cryptos that registers a much higher percentage of gain than that of Bitcoin.
Recording a 50% Jump
The one cryptocurrency that pumped the hardest during this green market has been NEO.
The seventeenth-largest cryptocurrency by market cap of $738 million recorded an increase of more than 51%.
The day before the pump, NEO was trading at $6.80 that jumped above $7 on Oct. 25, the day BTC went from $7,300 to $8,650. The real sparks flew on Oct. 26 when the price came close to touching $9.
While after surging to $10,600 level on Oct. 26, Bitcoin took a dive and has been since trading around $9,200, NEO is still on the up and up.
Today, NEO recorded another spike and jumped to $10.70, a level that was last seen in mid-August. At the time of writing, NEO has been trading at $10.50 with 24 hours gains of more than 24%, as per Coincodex.
However, the digital asset is still down 35.8% in the past year and down 94% from its all-time high of $198.
China-based Crypto Assets Enjoying a Good Hike
This spike has been driven by Chinese President Xi Jinping talking about becoming a leader in blockchain technology and passing a crypto law that will go into effect on January 2020.
So, it makes sense that NEO, a crypto asset founded by Da Hongfei and Erik Zhan in China is leading the gains.
NEO was designed to be a regulator-friendly digital asset by having every individual, business or entity operating in the NEO platform a unique digital identity that can be verified.
As such, it has also been among the top 10 cryptos in China’s CCID Global Public Blockchain Technology Assessment Index.