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In the latest cryptocurrency market update, Neo (NEO) has significantly outperformed Dogwifhat (WIF) with a price surge of over 35%.
What Happened: Neo, often dubbed as the ‘Ethereum of China’, has seen a substantial price hike of 36.55%% in the past 24 hours, pushing its value to $23.03. The cryptocurrency’s market capitalization has also experienced a similar increase of 36.36%, reaching $1,623,698,859. Furthermore, its trading volume has swelled by 68.49%% to $587,951,898, according to data from CoinMarketCap.
Conversely, Dogwifhat has seen a smaller price increase of 12.28% during the same period, with its current trading price at $3.04. Meanwhile, its trade volume has seen a drop of 11.37%, amounting to $1.96 billion. However, its open interest has surged by 13.56%, reaching $313.26 million, according to the data from Coinglass.
An increase in open interest in the crypto market signifies a rise in the total number of outstanding futures or options contracts, indicating heightened trader engagement and potentially signaling bullish sentiment and increased market liquidity.
Neo, a blockchain-based cryptocurrency and application platform, was established in 2014 by Da HongFei and Erik Zhang. Initially known as Antshares, it was rebranded as 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’s Daily Transactions Surge 3,555%, Burn Rate Spikes To 1,465%
Why It Matters: The cryptocurrency market has been experiencing significant fluctuations recently. Predictions of the market’s total capitalization hitting $5 trillion this year have been made by industry experts. However, recent events like Iran’s drone attack on Israel have caused significant drops across major cryptocurrencies.
Furthermore, regulatory changes in countries like Singapore are impacting the digital asset industry. The expansion of the regulatory framework to include token custody and fund transfers is aimed at enforcing user protection and financial stability.
Amid these market fluctuations, the performance of Neo and Dogwifhat is noteworthy. The significant surge in Neo’s price and market capitalization, despite the recent prohibition on cryptocurrency in China, indicates its resilience.
Price Action: Bitcoin (CRYPTO: BTC) is up by 0.33% today, trading at $65,995, while Ethereum (CRYPTO: ETH) has surged by 2.43%, reaching $3,222, according to the data from Benzinga Pro.
Read Next: ‘Shiba Inu Killer' Dogwifhat Plunges 23%, Trader Thinks The Dog Needs To ‘See A Vet’
Image Via Shutterstock
Benzinga Neuro, Edited by Kaustubh Bagalkote
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