In the latest cryptocurrency market update, Neo (NEO) significantly outperformed Dogwifat (WIF) with a price increase of more than 35%.
What happened: Neo, often nicknamed “the Ethereum of China,” has seen a substantial price increase of 36.55%% in the past 24 hours, pushing its value to $23.03. The cryptocurrency’s market capitalization also saw a similar increase of 36.36%, reaching $1,623,698,859. Furthermore, according to data from CoinMarketCap, its trading volume increased by 68.49% to $587,951,898.
In contrast, Dogwifhat has seen a smaller price increase of 12.28% over the same period, with its current trading price at $3.04. Meanwhile, trading volume saw a decline of 11.37%, or $1.96 billion. However, according to data from Coinglass, its open interest increased by 13.56% to $313.26 million.
An increase in open interest in the cryptocurrency market indicates an increase in the total number of futures or options contracts outstanding, indicating greater trader engagement and potentially signaling bullish sentiment and increased market liquidity.
Neo, a cryptocurrency and blockchain-based application platform, was founded in 2014 by From Hong Fei AND Erik Zhang. Initially known as Anthillsit was rebranded to Neo in 2017. Despite China’s recent ban on cryptocurrency, Neo has managed to maintain some success in the Chinese market, according to Investopedia.
See also: ‘Dogecoin Killer’ Shiba Inu Daily Transactions Increase 3,555%, Burn Rate Rises to 1,465%
Because matter: The cryptocurrency market has recently gone through significant fluctuations. Industry experts have predicted that the total market capitalization will reach $5 trillion this year. However, recent events such as the Iranian drone attack on Israel have caused significant declines in major cryptocurrencies.
Additionally, regulatory changes in countries like Singapore are impacting the digital asset sector. The expansion of the regulatory framework to include token custody and fund transfers is aimed at ensuring user protection and financial stability.
Amid these market fluctuations, the performance of Neo and Dogwifhat is noteworthy. Neo’s significant increase in price and market capitalization, despite the recent cryptocurrency ban in China, indicates its resilience.
Price action: Bitcoin Bitcoin/USD is up 0.33% today, trading at $65,995, while Ethereum ETH/USD rose 2.43% to $3,222, according to data from Benzinga Pro.
Read next: Dogwifhat ‘Shiba Inu Killer’ plunges 23%, trader thinks dog needs to ‘see a vet’
Image via Shutterstock
Benzinga NeuroBy
Kaustubh Bagalkote
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