NEO Price 2020
The current price of Neo fluctuates around $8.78; the total market capitalization is $619,094,784, which makes NEO one of the 20 most popular digital currencies as of December 2019. The circulating supply is 70,538,831 NEO. The daily trading volume is around $357,571,664.
The all-time high of Neo, $196.85, was reached in January 2018. On the other hand, the all-time low of Neo, $0.072287, occurred way back in October 2016. Currently, the estimated ROI (return on investment) of NEO is 4,736.58%, which means that $100 worth of NEO bought at the time of the Neo launch would yield around $4,737 of profit today.
Even though the official launch of NEO (under the name AntShares) dates back to 2016, it was not until its rebranding in June 2017 that it started to gain popularity. The bullish trend that dominated the market in 2017 also accelerated Neo’s growth. In late January, when many coins collapsed to half of the peak December values, NEO showed a phenomenal increase in price from $73 to $180. At the same time, it managed to reach rank 7 in the total cryptocurrency list in terms of market capitalization. A case this is extremely rare in the world of cryptocurrency.
According to Da Hongfei, the creator of Neo, such a tremendous success is in part due to the support of the Chinese government. Similar to Ripple, Neo has managed to find a common language with the authorities and even cooperate with them, broadening the potential of digital currencies. Despite certain anti-crypto policies implemented by the Chinese government, such as the prohibition of cryptocurrency exchanges and ICOs (initial coin offerings), Neo has always been on good terms with the authorities. Reportedly, the ultimate ambition of Da Hongfei would be to make Neo the main platform in the cryptocurrency infrastructure of China.
In line with the general stagnation on the market in 2018, by the end of the year, the price of NEO fell down to the level of summer 2017. At the beginning of 2019, the price of NEO broke all possible predictions and surpassed the $9 threshold. In the middle of the year, specifically in June, the coin experienced another spike, reaching a value of $18. Since then, the price has been hovering at around $8-13.
The future of NEO in 2020 is strongly dependent on the general crypto market movements. The strength of Neo’s technological and financial base is proportional to the rate of adoption, which is currently quite high due to the support of individual users and businesses in Asia.
According to the Being Crypto website analysts, support from the government of China may lead to an increase in NEO price up to $200 in 2020.
What is Neo?
Often called the Chinese Ethereum due to similarities in functionality, Neo (formerly Antshares) is an open-source blockchain-based platform for the management of various digital assets and the development of decentralized applications (dApps).
Launched by a Chinese programmer Da Hongfei back in 2014, it immediately got a lot of support from local investors and the community. NEO is an associated cryptocurrency used within the network, which is used for the generation of GAS tokens. This separate asset is used to pay for transaction fees in the system (a good analogy is a way Ether is used in the Ethereum network). A total of 100 million GAS token were mined in the genesis block; a decaying halflife algorithm controls the inflation rate. Neo utilizes the Byzantine fault Proof-of-Stake consensus mechanism.
A distinct feature of NEO is its indivisibility: it is not possible to perform transactions of fractions of the coin, like 0.5 NEO or 2.4 NEO. In this sense, the coin is similar to stocks of a company, which also cannot be divided. On the other hand, GAS tokens, which are used to pay transaction fees, are divisible down to 0.00000001.
Unlike most other currencies, due to its Chinese origin, Neo’s technology is regulator-friendly and supports a centralized approach. Any individual or company operation on the Neo blockchain is required to have a verified digital identity.
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