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Neo Coin Powers $1.5bn Past Cardano to Sixth Biggest Coin

 2 min read / 

The Neo coin increase yesterday means its market cap has now overtaken that of Cardano, giving the Chinese-based blockchain developer the sixth biggest market capitalisation.

As of 10:30 GMT, Neo (NEO) has a total value of $9.1bn, which is $400m more than that of Cardano (ADA), which is on $8.7bn.  Neo has experienced a 15.80% surge in the past 24 hours which has led to the coin superseding Cardano and giving the coin a price of $140.60. Cardano, which is valued at $0.337 a token, has grown by 3.54%

The value of Neo coin jumped at around midday GMT on Monday when prices went from $122 to just under $134 and reached a high of $146 at just before 07:00 on Tuesday. Over the same time frame, the coin’s market cap went from $7.7bn to $9.2bn, a near 20% increase of $1.5bn.

Although Cardano had seen a sharp spike in valuation on Sunday, prices have floated at around $0.30 and a steady cap of $8.7bn. Neo seems to have first overtaken Cardano at some point around 13:00 on Monday; a surge of investor interest in the last couple of days led to the value of the coin trading hands shot up from $320m at around 15:00 on Monday to $585m as of 10:30 today: an 82% increase.

Neo is a project which utilises blockchain technology for the creation of digital assets and facilitates a ‘smart economy’ network for exchanging value using its NEO tokens. Founded in Shanghai in 2014, Neo has not experienced the same wild price volatilities which have affected other cryptocurrencies. At its height in mid-January, the coin reached of $187 with a total value of $12bn and a low cap of $4.3bn with a price of $73 on the 6th of February,

Cardano, which was released in late September of last year, is a smart contract developer which uses ADA to transfer digital funds. At present, 80% of the total supply of ADA is in circulation compared to 65% of NEO tokens; as more NEO tokens are released so could its market cap continue to increase.

Almost two weeks ago, Litecoin (LTC) received a $2bn boost to its value which gave it the fifth largest market capitalisation.

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