NEO has taken center stage again, as it displaced Litecoin (LTC) in another re-arrangement of the top 10 at CoinMarketCap. NEO may turn back and fall in the charts, but the loss of positions by Litecoin has become more significant, as newcomer digital assets are displacing it in value.
For a while now, Stellar (XLM) has also held up a higher market capitalization compared to Litecoin.However, Litecoin still has a wider user base, and the discrepancy in market capitalization does not tell the whole story.
It is notable that NEO and XLM are two assets that held better in the latest asset sell-off. NEO has held up well above $150, and XLM is for now stagnant, but has shown possibilities of rising to $1.
And while Litecoin saw predictions of $500, it is still far from that target, as its bull run was cut short by the sudden popularity of other digital assets.
The price of NEO has held up quite well despite the recent hack at Coincheck. This time, the crypto market remains hot enough that it could absorb the loss of $600 million's worth of assets in stride.
In the case of NEO, price movements remain to a large decree a form of speculation. Yet NEO will run its Devcon in the following days, possibly attracting more developer talent and gaining prominence gradually.
NEO has modeled the conference after the same format by the Ethereum platform.
A project I'm looking at: #EchoLink$EKO. It's essentially LinkedIn on the blockchain. Partnerships with $NEO, Ontology, Carnegie Mellon University, University of Berkeley. Headed and founded by Steve Chen, cofounder of YouTube. 38M MC and just listed on Huobi.$ONT#blockchain
Platform projects like NEO still need to develop the best approach to smart contracts, and the Devcon would be a major driver in the next few days, or even weeks. NEO will still have to increase the number of ICOs and projects, but it has managed to move in a pattern not unlike Ethereum, at least until now.
It must be remembered that NEO still has the potential for deep corrections, so a price spike in the next few days may be short-lived. NEO has habitually moved between peaks near $200 and retreated to $100 in a matter of days, so despite the long-term promises, in the short term it remains a volatile asset.