An Update From The Crypto Market Shows Neo Dominating Amidst ONT Collaboration

The cryptocurrency market rose yesterday to a market cap of over $270 billion due to an increase of $20 billion. Bitcoin broke resistance and rose to $6,660 which is a 4.6% increase, this led to the rise of other altcoins as well. Ethereum rose 6.5% to over $400, XRP which is known for its slow quality rose 9% to $0.50. Other coins like Cardano, EOS, and Iota rose to approximately 16%.

However, it is Neo’s gains that are very exciting. According to Coinmarketcap, Neo recorded an 18% rise yesterday and is currently trading at $37.60. Neo has managed to rise despite its low point of less than $30 on June 29, this shows that it rose to 40% in a span of four days. Despite this increase, Neo still has a lot of rising to do to get back to its trading price of last month which was $56. Compared to bitcoin, neo has increased 12.3% from yesterday.

Neo’s Collaboration with Ontology

Neo is collaborating with Ontology to provide a smart contract ecosystem that will support the advancement of NeoVM and NeoContract. The launch of this collaboration came just in time when Neo is dominating the crypto market although they might be completely unrelated.  Ontology coin ONT debuted silently and it is at 21st place in the crypto market with a cap of over $800 million.

Chinese Government Backing of Neo

Neo is completely backed by the Chinese government as it has announced plans for research projects funded by the state. This backing of the government is advantageous to Neo and its low prices make it an appealing altcoin to invest in.

The majority of Neo trade is taken by Binance and that’s a total volume of over 30%. This volume has however doubled over the last day to $156 million from $70 million. Neo’s market cap of $2.4 billion places it in 12th position in the crypto market. The total capital market cap has increased with 7% as the crypto industry gets $18 billion pumped back. Other cryptocurrencies are dominating as well from Nem which increased by 18%,  Zcash by 15%, Bytecoin by 30% and Aetenity by 16%.