GAS currency saw some interesting price movements during the last month. Peaking at $8.73 on September 5th, the currency fell towards its monthly lows of $4.70 on September 17th. After hovering around $5 during the following week, GAS price broke out intensively on the 28th, reaching $9.24 with a daily trade volume of $13 million. The mentioned volume rose even stronger throughout the day, reaching $23 million, before both the price and the volume dropped off to below $6/$2 million in a matter of days.
Currently you can purchase a single GAS token for a price of $5.65 (1.98% rise in the last 24 hours)/0.00085942 BTC (0.43% rise in the last 24 hours). This valuation is way off (94.14% below) the currency’s all-time highs of $96.88. Daily trade volume of measly $655,333/99.74 BTC is mostly traded on Binance. With a market cap of $57,191,393, GAS is currently the 101st cryptocurrency on the market.
ForecastCity thinks there is a possibility for the beginning of an uptrend in GASETH:
“Technical analysis:
- GAS/ETHEREUM is in a range bound and the beginning of uptrend is expected.
- The price is above the 21-Day WEMA which acts as a dynamic support.
- The RSI is at 51.
- While the RSI and the price uptrend in the Daily chart are not broken, Bullish wave in price would continue.
- The price downtrend in the daily chart is broken, so the probability of the resumption of an uptrend is increased.”
Check out his complete analysis here for the graph and trading suggestions.
The currency works as a driving force of the NEO blockchain; in order to utilize the NEO blockchain protocol resources, NEO GAS is required to pay for them. GAS can also be earned by holding your NEO tokens in online wallets; the process is called staking and is among the preferred ways of earning passive income in the crypto world.
?Learn more about Cex.io in our Cex.io review.
GAS currency will eventually have a total supply of 100 million tokens which will be reached in 22 years from the project’s launch day. With each new NEO blockchain block, 8 new NEO GAS tokens are generated; there will be 2 million blocks generated each year. Each time the 2 million block milestone is reached, the number of GAS released per block will be reduced by 1. This reduction process will go on until the reward is reduced to 1 GAS per block, and that rate will be kept until the entire supply is minted.
The supply wouldn’t be worth much if there wasn’t a demand for it. Luckily enough, it seems that the network of NEO projects and dApps is growing continuously, with several solid startups looking to grow and develop on its blockchain. Qlink, Red Pulse, Jarvis, NEX, Moonlight, Switcheo, NNS, Trinity, Travala, Crypto Gladiator are just some of these mentioned projects that need GAS to develop their dApps and perform NEO network operations.
While there is some demand coming from the speculators and investors looking to buy GAS low and sell it high, the key to its future success will be the mentioned on-chain demand. Having projects utilize and “work” the GAS will give it legitimacy and real world usage. Having these projects become successful and commercially accepted will make NEO currency more valuable, which is bound to reflect positively on GAS as well. We’ll see if the entire ecosystem has the potential to grow into a veritable Ethereum competitor (and perhaps even killer) in the future.
