The price of NEO is influenced by forces of demand and supply, along with some other salient factors such as the following.
Any updates, improvements and developments related to NEO can impact its price. Positive advancements such as upgrades to the protocol, enhanced scalability, new features and improved scrutiny can have a positive impact on its price.
NEO is often compared to Ethereum and it faces competition from other smart contract platforms and decentralized applications that offer similar services. it’s price may fall or increase depending on whether competitors are innovative or stagnant.
Chinese government influence
NEO was based out of China and still has a strong presence in the Asian market. This means NEO is affected by the regulatory policies and decisions of the Chinese government. Thus, NEO’s price may rise if the government is positive towards it or blockchain technology in general.
Partnerships and integration
Strategic partnerships, collaborations, and integrations with other projects can have a significant impact on its price. NEO’s price can get a boost if there is news of a partnership or adoption by well-established companies or major players in various industries. Some of the major partnerships include Microsoft, Binance Swisscom, Travala and MixMavel, all of which have contributed towards its development and adoption.
Like any other cryptocurrency, the price of NEO has been affected by several incidents such as the following.
NEO provides a decentralized infrastructure for the development and deployment of smart contracts and dApps. It utilizes a Delegated Byzantine Fault Tolerance protocol. Here, consensus nodes called “bookkeepers” are elected by NEO token holders. The bookkeepers are responsible for transaction validation and security.
NEO also has a dual token system consisting of NEO and GAS. While NEO represents ownership and voting rights within the network, GAS serves as the fuel for the NEO ecosystem. GAS tokens are generated by holding NEO tokens and are used for paying transaction fees and smart contract execution.
NEO also enables interoperability between different blockchains and traditional systems. NEO uses a protocol like NeoX, which facilitates cross-chain communication and the exchange of assets and data between networks.
There are various authoritative sources that can help answer the question – how much is one NEO?
There are several authoritative sites from which we can get real-time price updates for NEO. These include authoritative crypto aggregator sites such as CoinMarketCap and CoinGecko, certain crypto news websites such as CoinDesk, Cointelegraph and CryptoSlate, or mobile apps such as Delta, CoinStats, Blockfolio and Crypto.com. The current price of NEO is $9.01.
Apart from this, users can always go to NEO’s official website to get information about the project, any updates and other information on the current NEO price. When using any of the sources, it's important to verify the accuracy and reliability of any particular source by comparing it with other sources.