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As June 1 approaches and Hong Kong and Chinese investors look forward to trading cryptocurrencies legally once again, the market is already bullish. So far, Chinese coins have led the pack in terms of gains, so here are the three most popular Chinese coins likely to rally if the bullish trend continues.
Neo (NEO)
Neo (NEO) Has long been a favorite of Chinese investors and is often referred to as the “Chinese Ethereum”. The cryptocurrency is one of the leading coins in the region, so it is no surprise to see it make headlines again as retail traders prepare to start trading cryptocurrencies in Hong Kong on June 1st.
Last week has already been profitable for its investors with 13.95% gain registered on the weekly chart. In the past day as well, the digital asset has seen gains of 3.34%, but there is still a lot to cover before trading resumes. Hence NEO may present as a good option for investors who want to take advantage of the new bull rally led by Chinese investors.
NEO price recovers above $11 | Source: NEOUSD on TradingView.com
Conflux (CFX)
Conflux (CFX) One of the top Chinese coins for investors to keep an eye on during this time. Conflux is a blockchain company based in China and its native token CFX has seen a lot of success this year. However, the drop in the coin’s price over the past month hasn’t deterred investors and as the Chinese narrative gains traction, the coin has also risen.
Like NEO, the past week has been a good one for CFX, which has gained 9.96% and brought its price above $0.32 once again. The coin’s trading volume also crossed $117 million in a 24-hour period, indicating that investors are always pouring into the token ahead of the anticipated June 1st date.
VeChain (VET)
VeChain (VET) is one of the oldest blockchains in the space which was founded in 2015, the same year as Ethereum. And although VeChain hasn’t grown as much as Ethereum, it hasn’t stood still either and has become one of the most important Chinese coins, making it an ideal candidate for those looking to take advantage of the current narrative.
Although VET has not performed as well as the others on this list, it is still up with a gain of 5.58% over the past week. It is also witnessing a modest gain of 1.67% on the 24-hour chart, but the promise of more gains remains vast as these coins may heat up very quickly in the last two days till June 1st. If the trend continues, VET may look to break the $0.03 resistance before the week ends.
China and crypto
China banned cryptocurrencies in 2021 when the price of bitcoin reached $60,000. The move sparked a market crash that brought bitcoin back up not too long later, but it also left Chinese investors unable to substantially participate in a market they had previously dominated. That is, till now Hong Kong has made one move.
The country has passed a new law that will allow crypto exchanges to provide services to investors, making it possible for them to participate in the market once again. This gives investors in China the opportunity to trade cryptocurrencies without worrying about breaking the law.
It is set to take effect on June 1, less than three days from now. As this date draws near, a Study Hong Kong is the most crypto-ready country in the world as shown by Forex Tips. However, it remains to be seen how this event will play out in the crypto market.
