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    Home » Crypto News » NEO and Other Made-in-China Cryptocurrencies See Huge Price Gains

    NEO and Other Made-in-China Cryptocurrencies See Huge Price Gains

    Author: Jordan Lyanchev

    Last Updated Nov 7, 2019 @ 13:15

    After the events of last week, news from China keeps on coming. After China’s president, Xi Jinping, urged the country to increase its usage of blockchain technology, crypto prices have gone through the roof. The overall cryptocurrency market experienced a significant uptick initially, but that wasn’t enough for Chinese projects, as some have continued to surge by the hour.

    Chinese Crypto Projects to the Moon

    Friday was a day filled with optimism in the crypto market. The president of China made an announcement that appears to have had a huge impact on the industry. According to Xi Jinping, the country should invest more in blockchain tech in light of its “critical role in technology innovations and industrial revolutions”.

    The community was quick to react, and gains were had all over the place, especially for China-based projects. While most altcoins are surging against the USD but falling against Bitcoin, NEO, Ontology, Qtum, Bytom, GXChain are all skyrocketing at the moment.

    Bytom’s rise is the most notable one as of now, having increased more than 75% against BTC and 85% against the US dollar.

    BTM/BTC Bittrex. Source: TradingView
    BTM/BTC Bittrex. Source: TradingView

    Ontology has risen 40% against BTC and 45.5% against the dollar.

    ADVERTISEMENT
    ONT/BTCBinance. Source: TradingView
    ONT/BTC Binance. Source: TradingView

    NEO is trading at $11.71, having risen 35% against the dollar and 27% against BTC.

    NEO/BTC Binance. Source: TradingView
    NEO/BTC Binance. Source: TradingView

    As impressive as these surges are, these projects’ all time highs are even higher. Bytom’s current price ($0.143) is down 85% from its ATH of $1.17. Similarly, ONT is down 90% from $10 to $0.95, and NEO has fallen 94% from its ATH of $196.

    Chinese Interest Picks Up

    Xi’s announcement regarding blockchain has had a significant impact in other areas as well. It’s still hard to say if that was the only reason for the substantial price surge, but it’s safe to assume that it played a role.

    CryptoPotato reported earlier today on increased interest in blockchain and Bitcoin among the Chinese public. The China-based multi-purpose app WeChat showed a 1,200% increase for blockchain-related searches on the 25th of October. Also, a new cryptocurrency law is set to become active in the country starting next year.

    Interestingly, the CEO of US-based Facebook last week urged his own country to invest more in blockchain, lest it fall behind other countries such as China.

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    Tags: China NEO
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    About The Author

    Jordan Lyanchev
    More posts by this author

    Jordan got into crypto in 2016 by trading and investing. He began writing about blockchain technology in 2017. He has managed numerous crypto-related projects and is passionate about all things blockchain. Contact Jordan: LinkedIn

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