Most of the altcoins were absolutely hit in 2018, with many of them losing over 70% of their altitude in January. Neo was no exception for the heavy losses that were wiped out for a year of gains. It may be about to change while the "Chinese Ethereum", along with its younger brother, GAS, is currently on the rise with double-digit price increases.
According to coinmarketcap.com, Neo currently trades 13% more of the day to break $ 20 for the first time since the first week of September. Daily trading volume increased from $ 95 million to $ 165 million with most trades on Binance and ZB.com. In the last seven days, Neo has earned 11% from just over $ 18 this time last Friday. Its lowest point for the year was September 12 when it fell to $ 16.50.
According to an average post last week, the launch date of the main Neo Name Service network was set for October 9thth. This service will allow the extraction and domain prizes for those who access the .neo domain name ecosystem. The "fuel" of Neo, GAS, is increasing at this time as it will be used to bid for domains that use the NNS. Reddit commentators have suggested a number of reasons, including an Upbit dispute for GAS and ONT, but it is likely that the pump will be connected to the next NNS and related GAS Airdrops.
The GAS is currently on fire, increasing by 62% to $ 8.30. The volume of trade increased from $ 500,000 to $ 14 million, again mostly on Binance. GAS has been a flat line around $ 5 for the past week. It has steadily declined in the last month, but has recovered all those losses in a huge pump about two hours ago.
GAS is currently in 78th place with a market capitalization of $ 84 million, while Neo is in 13th place with a market cap of $ 1.3 billion.
As more Chinese cryptography projects move from Ethereum to Neo to run their own apps, the altcoin should start to react positively on the markets and show a recovery. This is a low-supply token with only 65 million currently circulating, however, like many other cryptocurrencies, it still has to see its full potential until it gets more use and builds a larger ecosystem.