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NEO and other cryptocurrencies made in China are seeing huge gains

After the events of last week, news from China keeps coming back. After China’s President Xi Jinping urged the country to increase the use of blockchain technology, crypto prices skyrocketed. The entire cryptocurrency market experienced a significant upswing initially, but that wasn’t enough for Chinese projects as some continued to grow every hour.

Chinese crypto projects on the moon

Friday was a day of optimism in the crypto market. The Chinese president made an announcement that appears to have had a huge impact on the industry. According to Xi Jinping, given its “critical role in technological innovations and industrial revolutions,” the country should invest more in blockchain technology.

The community was quick to respond and profits were made everywhere, especially on projects based in China. While most altcoins are rising against the USD but falling against Bitcoin, NEO, Ontology, Qtum, Bytom, and GXChain are all currently rising.

Bytom’s surge is the most notable right now, as it is up more than 75% against BTC and 85% against the US dollar.

BTM / BTC-Bittrex. Source: TradingView

Ontology is up 40% versus BTC and 45.5% versus the dollar.

ONT / BTCBinance.  Source: TradingViewONT / BTC-Binance. Source: TradingView

NEO is trading at $ 11.71 after rising 35% against the dollar and 27% against BTC.

NEO / BTC-Binance.  Source: TradingViewNEO / BTC-Binance. Source: TradingView

As impressive as these increases are, the all-time highs for these projects are even higher. Bytom’s current price ($ 0.143) is down 85% from its ATH of $ 1.17. Similarly, ONT is down 90% from $ 10 to $ 0.95, and NEO is down 94% from its ATH from $ 196.

Chinese interest is growing

Xi’s announcement about blockchain had a significant impact in other areas as well. Whether this was the only reason for the sharp rise in prices is still difficult to say, but it can be assumed that it played a role.

CryptoPotato today reported an increased interest from the Chinese public in blockchain and bitcoin. China-based multipurpose app WeChat showed a 1,200% increase in blockchain-related searches on Oct 25. In addition, a new cryptocurrency law is to come into force in the country from next year.

Interestingly, last week, Facebook’s CEO urged his own country to invest more in blockchain so it doesn’t fall behind other countries like China.

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