RATE Group | Why NEO Surged 35% While Rest of Crypto Market Took a Snooze
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Why NEO Surged 35% While Rest of Crypto Market Took a Snooze

28 Oct Why NEO Surged 35% While Rest of Crypto Market Took a Snooze

Posted at 01:07h in Cryptocurrency News by

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  • Lesser-known cryptocurrency NEO surged more than 35% on Sunday.
  • The sudden move launched the NEO price to nearly $12, even as the wider crypto market cooled off from its recent rally.
  • Let’s examine the factors behind NEO’s breakneck recovery.

In the wake of a historic cryptocurrency market resurgence, NEO has suddenly sprung to life, securing an impressive 35% single-day rally.

What’s driving that rapid upswing?

Bitcoin Jolts the Crypto Market Back to Life

The crypto markets boomed this week, exhibiting their trademark volatility once again. In meteoric fashion, the bitcoin price jumped from a 5-month low of around $7,300 to a monthly high well above $10,000.

Cryptocurrency market cap adds more than $50 billion in a matter of days. | Source: CoinMarketCap

Much of the cryptocurrency market followed, with ethereum posting a similarly impressive 24% gain. This was further reflected by a boost of more than $50 billion to the entire cryptocurrency market cap from…

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