China is celebrating their Lunar New Year this weekend, and China’s Ethereum alternative called NEO is doing good during this period. The crypto market has remained strong and is still climbing in parallel, coming close to $500 billion.
As we said above, NEO is one of the coins that has been soaring over the past couple of days. A lot of that has to do the celebration of the Chinese New Year which lasts over two weeks and follows the Lunar calendar. Traditionally, Chinese families get together on this New Year’s Eve and enjoy a dinner as they clean their houses next day to sweep away the bad fortune from the year before.
The reason why NEO is soaring in price is simple – there is much more interest for the cryptocurrency by children, teens and millennials. As they receive presents, some of the presents may include NEO as an investment and a gift in the form of China’s most popular cryptocurrency.
In case you still don’t know about it, NEO is practically a blockchain based platform that enables smart contracts and allows decentralized applications to be built on top of it. It is very similar to Ethereum in its nature. However, experts believe that NEO’s blockchain is perfect for hosting decentralized cryptocurrency exchanges – which makes it even better than many other similar cryptocurrencies.
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