February 27th, 2018 was a historic day for NEO, as it surged more than 20% in USD value, putting the project at rank 6 in the cryptocurrency Global Market Cap. At the time of this writing, NEO is worth roughly $144 and $152 in Korean markets. For the first time in NEO (previously known as Antshares) history, NEO has managed to take 2% of the total Global Market Cap for cryptocurrency.
Why the sudden rise?
NEO has been a very respected project since its rebranding back in August. The coin that was designed to be an Ethereum-competitor was thrown into the spotlight late last year when the price surged from nearly $3 to $50 in a matter of weeks. NEO’s reported goal is to create a new decentralized “smart” economy that promises to modernize the flow of money through the global economy that is global.
The controversial Weiss Ratings, a firm that has been grading a wide variety of services since 1971, had upgraded NEO’s January grade of a B- to an A- this month. This sudden rise of price is speculated to have been propelled by this new report, but buyers should proceed with caution as this movement was un-natural and may not be sustainable.