Of all the cryptocurrencies that are leveling up through 2021, Neo (CCC:NEO-USD) is one that is not getting its dues. The coin has quietly blossomed since the new year, and is being overlooked in favor of tokens like Bitcoin (CCC:BTC-USD) and Dogecoin (CCC:DOGE-USD). But now, with its new blockchain protocol being implemented, investors are gravitating toward the Ethereum (CCC:ETH-USD) rival. The result is a number of bullish Neo (NEO) price predictions.
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Neo is the oldest Chinese blockchain protocol, founded in 2013. The company has revamped its blockchain once before, and now it is preparing a third version. Neo N3 launched at the end of March and is seen as a definitive moment for the company. Neo prides itself as being an Ethereum counterpart, and with the Ethereum network struggling, many could be turning to N3.
Ethereum has watched transaction costs skyrocket on its network due to the energy consumption the blockchain uses up. N3 comes at an opportune time, offering developers a lower-cost option. N3 increases transaction speed five-fold from its predecessor, processing 5,000 transactions per second. The vastly increased speed comes in tandem with lowered gas fees, which are sure to attract developers fed up with the rising cost of using the Ethereum network.
The N3 rollout is putting a lot of hype behind the crypto. News outlets are comparing Neo and Ethereum, and revealing that a NEO investment is proving to be more lucrative than an ETH investment. Benzinga reports that a $1,000 investment in NEO in January would be worth over $8,000 now, compared to a mere $2,000 profit with ETH.
Neo (NEO) Price Predictions Heat Up After N3 Launch
The N3 launch is bolstering the status of Neo, and analysts believe that the company is not through its growth phase just yet. In fact, many believe the gains have only just begun. Let’s look at some Neo (NEO) price predictions:
- WalletInvestor predicts the NEO coin will appreciate to $138.56 in the next year.
- InvestingCube predicts that more likely than not, NEO will climb to the next resistance level of $150 in the near future.
- Being Crypto forecasts a price between $120 and $200 by the end of 2021.
- The Economy Forecast Agency predicts that by May 2022, NEO will be worth $203.
On the date of publication, Brenden Rearick did not have (either directly or indirectly) any positions in the securities mentioned in this article.
Brenden Rearick is an Assistant News Writer for InvestorPlace’s Today’s Market team. He graduated from the University of Pittsburgh with a degree in Professional Writing and Political Science. His journalistic background spans many topics, and he prides himself on providing the most accurate and unbiased financial news.