A lot of things are happening in the world of cryptocurrency, but nothing good has come of it for the Bitcoin price. In fact, it is thanks to the Bitcoin price drop we see so many different altcoins successfully rise in value again. Especially the NEO price is getting a lot of attention, mainly thanks to it surpassing $32.5 once again.

NEO Price is on the Move

It is quite interesting to see how things evolving in the world of cryptocurrency. Whereas most people expected the Bitcoin price to blaze the trail all the way to $8,000 things have certainly turned out in a very different manner. Altcoins are now forced to go up in BTC value to maintain their USD value. A very interesting trend, although it can still reserve at any given moment. If this trend keeps up, the Bitcoin reign will be over again for a few weeks, if not months.

Although it is still too early to tell whether or not altcoin season is back in place, the NEO price is certainly moving up as we speak. More specifically, this popular altcoin has seen remarkable growth over the past few hours, culminating in a solid 22.29% gain. Do keep in mind this gain is just in US Dollars, as NEO also gained on Bitcoin by as much as 28.03%. This correlation between Bitcoin and altcoins is slowly turning in favor of currencies that aren’t Bitcoin.

Whether or not the NEO price will remain at this level or perhaps even push further, remains to be determined. It is certainly true there is a lot of positive momentum in the altcoin sector right now. In fact, currencies such as NEO are keeping the overall market cap above $200bn, all the while pushing the Bitcoin Dominance Index back below 58.5%. An interesting metric to keep an eye on in the coming days, that much is certain.

The NEO price is also moving up thanks to a pretty solid trading volume over the past 24 hours. With $156.2m in NEO trading volume, things are looking pretty solid. This particular altcoin has a lot more trading volume than most other currencies in the top 10 right now. It also highlights the “pumpy” nature of altcoins in the top 10, as those with lesser volume and normal gains are the ones people often refuse to speculate on. NEO, unfortunately, is incredibly speculative first and foremost.

Surprisingly, Bitfinex is not the biggest exchange in terms of NEO trading volume. Instead, Bittrex is clearly leading the charge with $58.82m in volume. Binance is also in the top three, which is a pretty interesting development. A lot of people are actively converting their Bitcoins to NEO – and other altcoins – right now as they are looking to retain their portfolio’s value in fiat currency. Staying in Bitcoin seems to have the adverse effect right now, but that may change in the very near future.

It is unclear where the Bitcoin price will be heading in the coming days. The ball is clearly in the camp of altcoins, but all good things must come to an end eventually. Moreover, there are a lot of gains for NEO already, which almost seems to indicate this is a pure pump-and-dump cycle. An interesting weekend is ahead of us, that much is evident. No one knows where this trend will end for the NEO price, though, that much is certain.