Bitcoin has been caught in a firm uptrend over the past several days, which has begun spilling over into the aggregated altcoin markets, with multiple smaller cryptocurrencies like NEO posting meteoric gains over the past-24 hours.<\/p>\n
It does appear that the cryptocurrencies incurring the biggest gains are Chinese altcoins, which may be because they are catching the tailwinds of the Chinese President\u2019s bullish comments on the state of the blockchain industry.<\/p>\n
At the time of writing, NEO<\/a> is trading up over 43% at its current price<\/a> of $12.28, which marks a significant climb from its daily lows of $8.45.<\/p>\n It is imperative to note that this latest parabolic movement came about after NEO had already incurred some decent gains, with the cryptocurrency currently trading up significantly from its weekly lows of under 7%.<\/p>\n This massive momentum is likely the result of President Xi\u2019s comments regarding him wanting China to be a global leader in blockchain technology, so naturally these comments reflect favorably on prominent China-based blockchain projects like NEO.<\/p>\n Furthermore, Bitcoin\u2019s recent rally<\/a> is likely bolstering the cryptocurrency, as it has been able to rocket from recent lows of $7,300 to highs of $10,600, before settling at its current price of $9,700.<\/p>\n NEO is not alone in its recent rally, as Tron, Ontology, and other Chinese blockchain<\/a> projects have incurred massive upwards momentum over the past several hours.<\/p>\n Luke Martin, a prominent cryptocurrency analyst on Twitter, spoke about NEO\u2019s rally in a tweet from earlier today, noting that a powerful narrative is driving it, which could mean that further gains are imminent.<\/p>\n \u201c$NEO outperforming 7-10% in 7hrs. Narratives are a powerful thing in the alt world. Important to recognize that almost every alt move is a *trading* opportunity. Not the same as $BTC. I don’t tweet much about alts anymore but the inefficiencies will always keep me interested,\u201d he said while pointing to the below chart.<\/p><\/blockquote>\n $NEO<\/a> outperforming 7-10% in 7hrs.<\/p>\n Narratives are a powerful thing in the alt world.<\/p>\n Important to recognize that almost every alt move is a *trading* opportunity. Not the same as $BTC<\/a>.<\/p>\n I don't tweet much about alts anymore but the inefficiencies will always keep me interested. pic.twitter.com\/rfN2BZOhWe<\/a><\/p>\n — Luke Martin (@VentureCoinist) October 27, 2019<\/a><\/p><\/blockquote>\nPowerful Narrative Driving Chinese Altcoins to Rally<\/strong>\u00a0<\/strong><\/h2>\n
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