NEO’s value rose a brisk 5% on Thursday, as the leading altcoin maintained a bullish outlook following the launch of a new competition designed to engage community members.
NEO Price Update
The price of NEO reached a high of $17.52, its best level in more than a week. At the time of writing, the NEO-U.S. dollar exchange rate was valued at $17.32, having gained 5.6% over 24 hours. The so-called ‘Ethereum of China’ saw daily trade volumes of $224.2 million on virtual currency exchanges.
Upside momentum is expected to face stiff resistance near $18.00. A lack of trading catalysts in the broader market could keep altcoins under wraps for a while longer as bitcoin continues to exert its dominance.
At current prices, NEO has an overall market capitalization of $1.1 billion, placing it 15th among active crypto projects.
NEO’s gains contrasted with tepid moves in the broader market on Thursday. Most major coins ranked ahead of it experienced only modest price changes over the past 24 hours. The total crypto market cap is currently hovering around $210 billion, virtually unchanged since Monday.
Technical Article Competition
NEO Blockchain announced on Thursday the start of a new technical article competition that opens the floor to community members to share their experiences. According to NEO’s official Twitter handle, the competition encourages network users “to share their experiences and knowledge focusing on the technical aspects of the NEO Blockchain.” Submissions are open until Dec. 17, with the winning articles set to receive a payout in NEO cryptocurrency.
Topics up for consideration include NEO’s technical architecture, ecosystem, smart contract development and decentralized application development, among others. A full list can be found here.
The competition was announced just one day after NEO celebrated the second anniversary of its mainnet launch. The mainnet went live in 2016 under the name Antshares at a price-per-token of around $0.08 cents. By August of last year, it had rebranded as NEO and would ride the crypto boom all the way to $160, putting it among the best-performing assets of 2017.
NEO’s ambition to power the global “smart economy” received a significant boost following the launch of dBFT, a consensus algorithm that provides scalability of 10,000 transactions per second. Despite not receiving the same press as Ethereum, NEO has emerged as a formidable player in the world of decentralized applications. Its proponents say everything that is done on Ethereum can be completed on NEO at a much faster and more efficient rate.
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.
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