NEO and Gas Both Surge Into Double-Digits as Global Volumes Spike 21%

Both currencies on the NEO blockchain are glowing green for the day (Aug 27) as NEO (NEO) and Gas (GAS) both surge to double digit growth over twenty-four hours.

The spike comes in line with a surge in global trades which has seen a sudden influx of $1.8 billion within the last day – or 21% more than the previous figure of $9.14 billion seen earlier in the day.

NEO Coin Price Surges 16%

NEO reached a daily low of $17.31 at around midnight (UTC) on August 26th. Throughout the wee hours of the morning the trade volume almost doubled, from $35 million to $70 million, and the price peaked at $20.18 just moments ago at around 20:00 UTC.

That brings NEO back to a weekly high, and a coin price not seen since the surge of Aug 17, when NEO recovered 25% of its price in four days. That was during the market rebound from yearly lows experienced in early August. The coin is still some way off its monthly high of $34.32 regardless of recent growth.

GAS Fueled by 23% Growth

GAS, the sister token to the NEO coin, and transactional currency on the NEO blockchain, has grown in lockstep with with its elder sibling today. From a daily low of $5.68 recorded at 04:00 UTC this morning, GAS grew steadily throughout the day but accelerated greatly as night time rolled around.

At around 18:00 UTC GAS spiked from $5.95 to a daily peak of $6.99 within two hours. That’s a 17% price hike in just over ninety minutes, and leaves GAS on 23% net gains for the day.

Today’s movements take GAS to a price not seen since August 8th, right before the token underwent the worst of the early August dip. Trade volumes have increased from $2.2 million to $3.7 million over the course of the day, with the majority of trades coming from OKEx.

Global Crypto Volumes Jump 21%

When global trade volumes fell to $9.14 billion earlier today it marked the lowest point that daily trades had fallen since the dip of late March/ early April.

Over the course of the day traders returned to the crypto scene as global volumes increased 21% up to $11.1 billion. That number continues to edge upwards, and at the same time has been accompanied by a 2.8% leap in global market cap, with the total combined valuation of the crypto market rising from $214 billion to close to $220 billion.

With everyone wondering if we’ve hit bottom, today’s sudden surge could end up being significant. Although, the signs would be more promising if we saw Bitcoin and Ethereum take a similar path – something that hasn’t happened just yet.

Featured image courtesy of Shutterstock. 

Author:
Greg Thomson is a freelance writer who contributes to leading cryptocurrency and blockchain publications like CCN, Hacked, and others.