Binance.US Listing Boosts NEO Prices
NEO kept most of the gains on growing enthusiasm from the recent listing on Binance.US.
NEO just received a more accessible market for US-based traders, after the recent listing on Binance.US. The coin, which hovered around $7 for months, kept some of the gains from last week, when enthusiastic Chinese traders boosted prices based on positive expectations of favorable laws in 2020.
NEO traded at $10.64, up a net 53% in a week, despite a slight retreat mid-week. The US-based partner of Binance also listed Cosmos (ATOM), one of the booming altcoins on Binance. The news of the listing lifted ATOM to $3.11, up 14.56% this week.
The assets will be listed in pairings with USD and USDT, excluding pairings with Bitcoin (BTC). This new practice ensures that altcoins go through a separate process of price discovery, independent of BTC prices.
NEO, previously known as “the Chinese Ethereum”, has failed to show rapid development, and a few weeks ago saw another network freeze. To avoid problems, NEO plans the launch of a 3.0 consensus version at the start of 2020.
The Binance.US exchange is gradually growing its activity, with volumes above $8.27 million in the past 24 hours. Binance, the international market, has recovered its volumes to above $1.14 billion in 24 hours.
Poloniex, which is still in the late stages of allowing US-based traders to finish trades and withdraw funds, marked $30 million in daily volumes. Still, Binance.US has just started and keeps adding some of the more promising late arrivals among crypto coins.
The Binance exchange is on an expansion spree, no longer supported by the general interest in altcoin trades. The latest product from the market operator is a mobile tool to trade futures.
Binance futures markets keep increasing their volumes, offering higher potential returns.
Binance Coin (BNB) benefited from the recent price rally, rising to $19.81. The asset also made its debut recently on Binance.US.