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Weekends often lead to unusual phenomena in cryptocurrency trading. The value of several markets has increased by more than 30% today, even though they have no reason to do so. The price of NEO gas is currently declining, its value continues to increase. A singular development, because this public service token has again entered the list of 100 companies with market capitalization.
The price of gas is rising rapidly
In the world of cryptocurrency, there is hardly ever a boring day. Although all the momentum of the market is not logical at first glance, sometimes profits must be taken as they materialize. In the case of NEO GasIt seems like a lot of profits have been ripe for taking. After the monster winnings, we must ask ourselves if there is still much to do to make the momentum even better.
In recent hours, the price of gas has risen more than 40% in US dollars, BTC and NEO. This last part is particularly interesting because one would not necessarily expect such large gains compared to the main token to which this utility token is linked. At the current price of $ 3.1 – or $ 85.597, Satoshi – NEO's Gas has regained its position in the capital stock market by 100 more easily.
What is interesting is that Gas has a volume of transactions greater than the total value of this project by market capitalization. With $ 40.1 million in transactions, it is clear that demand for this chip is gaining ground. Upbit and Binance are the main contributors in this regard, which will not surprise much. Even in this case, the price of Binance seems to dictate the market, which may not necessarily be a good thing.
This weekend was very positive for Gas. KyazzeCode cashed Gas yesterday, when the price briefly hit $ 3.6. Although this seems to be a life, it is obvious that things are not necessarily finished for the moment. If current levels can be maintained, there could easily be another rise in the near future. Why this increase is happening now, of all time, remains obscure however.
Finish the day with $ GAS more profits … bought quietly at 820sats sold at 990sats … #EASY #Binance #GAS #NeoGas #Neo #crypto #cryptotrading pic.twitter.com/nUWXpEt0So
– KyazzeCode (@CodeKyazze) February 17, 2019
Looking at the list of gases on Binance, there have been telltale signs of a big uptrend. Warmane Trade hinted, almost two weeks ago, that a very strong push was about to occur towards this weekend. Although technical badysis only works half the time for most speculators, this call was apparently on the money thread. If history repeats itself, the summit will result in slow and regular bleeding in the next few weeks.
#GAS #NEOGAS #GASUSD BINANCE 1D #TRADE #CRYPTO #CRYPTOTRADING pic.twitter.com/POrMcnsBXo
– WarmaneTrade (@WarmaneT) February 3, 2019
On Sunday, crypto markets are gaining or losing value for seemingly random reasons. It's true that Gas is NEO's utility token for apps, smart contracts, etc., but its value now exceeds $ 3. One may wonder whether this is a good or a bad thing when one looks at it from a long-term perspective. This suggests that the NEO ecosystem is growing, although this does not necessarily justify this price increase per se.
Disclaimer: This is not a trading or investment advice. The above article is for entertainment and educational purposes only. Please do your own research before buying or investing in cryptocurrency.
Image (s): Shutterstock.com
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