NEO Rises 10.59% in 24 Hours
Cryptocurrencies

NEO Rises 10.59% in 24 Hours

NEO rose 10.59 percent in the last 24 hours as seen on Coinmarketcap. The cryptocurrency has risen from being traded at 78.18 USD yesterday to 94.76 USD at 05:44:10 UTC+05:30.

Reasons Behind the Rise

One of the main reasons behind the rise of NEO is the increase in trading volumes on the Asian exchanges. The cryptocurrency’s trading volume has risen to around 600 billion USD in the last 24 hours. Yesterday, only 500 billion USD of trading volume had been registered.

Another reason behind the rise of NEO is the announcement of NEO token exchange Switcheo launching MainNet. Much like TRON, NEO is moving out of the Ethereum ERC-20 platform to its own platform. This would help them reduces the rates of transactions. In the official Medium post, they announced the launch of Switcheo Exchange which would be live on 31st March 2018 17:00 SGT(UTC +8).

Tokens that would be in listed on their first batch of listing would include NEO, GAS, Switcheo Token (SWH), Red Pulse (RPX), TheKey (TKY), Bridge Protocol (IAM), Trinity (TNC) and DeepBrainChain (DBC). To celebrate the launch of MainNet, taker fees would also be reduced to 0.1% on all pairs! If you use SWH as fees, taker fees would then be discounted to 0.01%.

While the news is old, it has been getting a lot of traction to the cryptocurrency.

Officially there hasn’t been much done to have any influence on the prices of the cryptocurrency. Hence there is a lot of discussion over why the volume has risen so much in the last 24 hours. What we do know for sure is that it is making the investors happy. Even after TRON beat NEO in terms of market cap, NEO is still strong.

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Syed Ali Mudassar
It was when he was pursuing his graduation in Computer Science that he found his flair for writing about new and existing technologies. He likes researching about technologies and how they could help people. Currently, he works as the Content Manager at CoinFrenzy, a leading blockchain news, and media publication website.