GAS Spikes on Detected Upbit Listing, NEO (NEO) Price Reacts Positively

 In Altcoins, Exchanges

The previously depressed GAS asset saw a spike in its price after bots caught a new listing on Upbit.

NEO (NEO) grew stronger than other coins during Asian trading hours on Friday, but the real shocker was GAS, which added 75% to its price in less than an hour. The most likely reason for the upswing is early-warning bots that noticed a potential listing of GAS on Upbit.

The rise in GAS follows the spectacular surge earlier in the day of ONG, the reward asset of Ontology (ONT), with the two events possibly being related. Both ONG and GAS allow owners of the main asset to lock in gains without selling the main coin.

NEO, which already trades on Upbit, added 12.71% overnight to reach $20.17.

GAS was up nearly 98% at one point. It traded at $8.42 as of 7:00 UTC, up about 64% overnight. The asset peaked at $10 during the latest pump, but traders locking in profits dragged down the price.

Both NEO and GAS have taken a beating in the bear market, and the current spike is small in comparison to the massive gains during the bull market. The short-term price surge shows there is still readiness to trade, but this time, gains are locked in much earlier, limiting the climb.

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For some traders, however, the early activity of GAS may be a precursor to a jump in NEO prices since a similar pattern has been observed in past climbs. Others believe the price of GAS has been depressed for a long time and is slated for some form of recovery.

Another reason for the price increase of GAS is that most trading is concentrated on Binance, where bots or concerted efforts could sway the value much more as compared to assets featured on multiple exchanges. The effect of the start of Upbit trading is also unpredictable and may lead to continued selling.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.

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