NEO Price Rally Continues as Decentralization Begins

NEO is leading the cryptocurrency market higher Thursday after a mysterious message on the project’s official Twitter page revealed an important update is on the way.

NEO Price Levels

The value of NEO surged nearly 16% on Thursday to $42.05, its highest since June 12. In doing so, NEO became the strongest performer in the top-20. By comparison, bitcoin prices rose 2.2%, while Ethereum was up slightly less than 3%.

At current values, NEO is capitalized at $2.7 billion, placing it in the no. 10 spot among active cryptocurrencies. The so-called ‘Chinese Ethereum’ has seen its ranking rise steadily amid the latest upward correction; just 24 hours ago, NEO was ranked 12th by market capitalization.

Trading volumes have more than tripled since we last covered NEO. Daily turnover was $261.7 million on Thursday, according to CoinMarketCap. Upbit, Bitfinex and Binance processed the largest percentage of the daily transactions.

The total cryptocurrency market was valued at $273.1 billion on Thursday with 24-hour volumes valued at $14.4 billion.

Big Revelation

The NEO Smart Economy twitter feed revealed the following message on Tuesday: “No innovation. No decentralization. No communication. We’ve heard many voices of “No” over the past. While the market changes, NEO’s vision remains unchanged. From the first step of decentralization, a new era of NEO ecosystem is about to unveil.”

About three hours ago, NEO confirmed that decentralization was officially underway with the election of the City of Zion consensus node. City of Zion is an independent group of open source developers supporting NEO core and its ecosystem.

City of Zion has been running without issue on the NEO TestNet for six months prior to the election. The project’s official news page claims several other consensus nodes are also running on the TestNet ahead of a planned vote later this year.

NEO’s decentralization begins by allowing certain commercial projects and communities to run consensus nodes with the aim of forming a strong network capable of guaranteeing the security and success of the project. According to the new timeline, NEO’s network will open for public campaign beginning next year.

NEO’s blockchain is being designed to build a scalable network of decentralized application. As an infrastructure project, NEO is said to be one of the more undervalued coins in the top-20, according to cryptocurrency expert Ran Neu-Ner.

Disclaimer: The author owns bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.

Featured image courtesy of Shutterstock.

Author:
Chief Editor to Hacked.com and Contributor to CCN.com, Sam Bourgi has spent the past nine years focused on economics, markets and cryptocurrencies. His work has been featured in and cited by some of the world's leading newscasts, including Barron's, CBOE and Forbes. Avid crypto watchers and those with a libertarian persuasion can follow him on twitter at @hsbourgi