NEIRO experienced a massive rally after the exchanges Binance & OKX announced NEIROETH futures. The price of NEIROETH has risen over 100%, reaching a peak of $0.176.
This sharp increase came amid a broader downturn in the market triggered by a mixed US Nonfarm Payrolls Report, highlighting NEIRO’s impressive performance against a backdrop of widespread selling.
Binance, OKX and NEIRO listings fuel NEIRO’s price rise
Binance announced on September 6 that USD-margined perpetual NEIROETH contracts would be launched at 14.00 (UTC) of the same day. This allowed traders to leverage up to 75x their position.
The rapid rise in the price of this token is due to the high level of trading and attention that has been paid to it.
The USD-margined NEIROETH permanent contracts allow trading to take place around the clock. This has helped NEIROETH increase its trading volume, and market interest.
OKX, in addition to Binance, launched NEIROETH futures to add to its existing digital asset lineup, which includes BRETT, CAT, and BRETT.
OKX futures offers a range of leverage from 0.01-20x to cater for both conservative traders and those who are high risk.
Binance’s and OKX’s perpetual contracts join the two NEIROETH contracts already offered by BITMEX & Bybit.
Coinalyze reports that the market capitalization of NEIRO has increased significantly following the addition of two new NEIROETH permanent contracts. The market cap is now over $147,000,000 and the open interest is above $41,000,000.
Can NEIRO maintain the price increase?
The NEIRO’s impressive growth comes against a backdrop of a broader downturn in the market.
The crypto market and the stock market both suffered significant losses on September 6 following mixed US non-farm payrolls data.
Bitcoin (BTC), its highest point since 7 August, fell to $53,000. Other major cryptocurrencies, such as Ethereum (ETH), Aave, Ripple, and Dogecoin also experienced declines.
Stock market indices such as Nasdaq 100 and Dow Jones fell more than 1%. Major tech companies like Tesla, Nvidia and Broadcom also dropped by more than 5%.
NEIRO is a top performer in the cryptocurrency market, thanks to its huge price increase, its popularity on social networks, and its recent introduction of perpetual contracts.
NEIRO may experience a short-lived surge. History shows that after tokens are listed on the major exchanges they often see a surge in activity. However, this can only last a short time as markets adjust.
NEIRO, and possibly other altcoins, could also be negatively affected by Bitcoin’s possible formation of a “death cross” pattern. This is a technical sign that can indicate a further drop.
The Federal Reserve’s reaction to the poor jobs report will likely have a major impact on the performance of the cryptocurrency market, including NEIRO.
Potential interest rate cuts could be a positive signal for NEIRO, and possibly other cryptocurrencies. This would help to offset some of the negative effects from broader trends.
Investors should be cautious, despite NEIROETH’s impressive recent performance, especially in comparison to the general market decline.
The post Binance, OKX Futures Listings Send Neiro on Ethereum (NEIRO), Up Over 100% might be updated as new developments unfold.
