NEO, the Chinese Ethereum, is becoming increasingly popular seen by a surge in its market cap. While its market cap is still a shadow of what Bitcoin and Ethereum currently command, gains accrued in recent weeks is a testament to growing investor confidence about its long-term prospects.
Bitcoin dominance has been dropping in the recent past after its price plummeted from record highs of $20,000 early in the year. Its market share currently stands at 44.1% and under immense pressure as the likes of NEO continue to elicit strong investor interest.
NEO Price analysis
NEO has been gaining traction in recent weeks after plummeting from record highs of $162. The Altcoin has already retaken the $50 mark with indicators favoring further movements on the upside.
Investors’ confidence in the virtual cryptocurrency remains positive above the $50 mark, arousing suggestions that it could make a push for the $60 mark soon. According to Eva Bowman, NEO needs to stabilize above the $53 mark, to keep bears at bay and continue climbing high.
MIT economics student, Marcus Lowe believes NEO has a lot of potential despite the recent plunge. He expects the Altcoin to retrace its exponential growth back to the top. Edward Lucas an Altcoin analyst, on the other hand, expects the coin to trade in the current price range of between $45 and $55 until the end of May.
Institutional Investors Activity
NEO price gains could be limited by the fact that the two largest cryptocurrencies are still trading on the red. However, improving investors sentiments about cryptocurrency investment could be the catalyst that will push the likes of NEO up the charts.
Unlike at the start of the year, investor confidence has improved a great deal, especially on reports that high profile institutional investors are planning big bets on a number of cryptocurrencies.
There is talk that the Rockefeller and the Rothschild families are interested in investing in cryptocurrencies and blockchain innovation as they seek to take advantage of the recent dip in prices of Altcoins. Media reports also indicate that George Soros has given the go-ahead for his investment firm to take positions in cryptocurrencies.
Talk of growing institutional investor’s interests has helped push the overall cryptocurrency market cap above the $260 billion mark. However, it is still in the early days, to suggest that the rout in the cryptocurrency space is over.