NEO is still in the top 100 cryptocurrencies, but the coin is losing its market position. In October 2021, NEO ranked 53rd by market capitalization in the Coinmarketcap ranking, and at the beginning of March 2022, the coin was already in 62nd place. The NEO network was launched in 2014, but it has not become one of the world's leading blockchain platforms.
Naturally, everyone wants to know what the price of NEO will be in the future. There are many price predictions on the Internet, but which one should you pay attention to? It is best to draw your own conclusions about the potential of NEO. You don't have to believe every forecast that comes your way. According to cryptocurrency market experts, the price of NEO may well break through the critical resistance area at $60 in 2022. NEO is a blockchain project from China founded in 2014. It used to be called Antshares, but later changed its name. NEO is also referred to as China's Ethereum due to its research to create a smart economy. This means that the developers of the project want to make it easier to use smart contracts with NEO.
In order for a trader to use the NEO network, a second cryptocurrency called GAS is used. She is the "fuel" of NEO. The NEO coin is also considered as a share in the blockchain, and the GAS cryptocurrency is used to complete transactions, pay employees, and maintain the project.
You can earn GAS simply by holding NEO in official wallets. This is due to the principle of proof of ownership (proof-of-stake). You simply put your NEO coins in the wallet and get the amount of GAS coins spent on the network proportional to the amount of NEO coins you own. Thus, you can receive personal passive income. When the price of NEO or the price of GAS rises, you will benefit from the difference in the price of your NEO as well as the additional GAS coins you receive.
This is one of the reasons why people invest or have invested in NEO in the past. Over the years, as with any other project, a lot has happened to NEO. It should be added that it is impossible to mine NEO coins. All coins were distributed during the ICO.
At the beginning of 2020, the NEO price was below $10, and on March 13 it reached $4 (on the Bitfinex exchange), which was the lowest indicator of the year. However, by September 18, NEO managed to rise to $25.90. At the end of the year, the NEO/USD pair hit $14.
It is well known that small cryptocurrencies copy the behavior of BTC/USD. Thus, in most cases, the NEO/USD pair simply followed the up and down trends of Bitcoin. For example, the coronavirus had its biggest impact on financial markets in March 2020, leading to a downturn in the crypto world and a depreciation of Bitcoin and NEO.
However, some events have caused a divergence in the price direction. At the end of July, NEO became a partner of the Blockchain Service Network. BSN is a global infrastructure that offers a low-cost platform for blockchain projects and similar companies working in the digital economy. This event boosted the price of NEO. You can see how the news about the NEO coin can affect the price of the cryptocurrency.