With June 1 approaching and investors from Hong Kong and China looking forward to legally trading cryptocurrencies again, the market has already turned bullish. So far, Chinese coins have led the pack when it comes to gains, so here are three of the most popular Chinese tokens that are likely to rise if the bullish trend continues.
Neo (NEO)
Neo (NEO) has long been a favorite of Chinese investors and is often affectionately referred to as the “Chinese Ethereum.” The cryptocurrency is one of the region’s leading coins, so it’s no surprise that it’s returned to the spotlight as retailers begin trading cryptocurrencies in Hong Kong on June 1.
The past week has already been profitable for its investors with a 13.95% gain already recorded on the weekly chart. Also in the last day, the digital asset has gained 3.34%, but there is still a lot of work to do before trading goes live. Thus, NEO could be a good choice for investors looking to benefit from the new bull rally led by Chinese investors.
NEO price recovers above $11 | Source: NEOUSD on TradingView.com
Conflux (CFX)
Conflux (CFX) is one of the top Chinese coins that investors should keep an eye on in this day and age. Conflux is a blockchain company based in China and its native token CFX has seen great 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 ground, the token has grown as well.
Like NEO, last week was a good one for CFX whose price is up 9.96% to push the price above $0.32 again. The coin’s trading volume also crossed $117 million in a 24-hour period, indicating that investors always invest in this token before the expected date of June 1.
VeChain (FAT)
VeChain (VET) is one of the oldest blockchains in the space having been established in 2015, the same year as Ethereum. And while VeChain hasn’t grown as much as Ethereum, it hasn’t stood still either and has become one of China’s leading coins, making it a perfect candidate for those looking to capitalize on the current narrative.
While VET hasn’t performed as well as the others on this list, it’s still up 5.58% gains over the past week. It also sees a modest 1.67% increase on the 24-hour chart, but the promise of more gains remains huge as these coins could heat up very quickly in the last two days leading up to June 1. If the trend continues, VET could be looking at breaking the $0.03 resistance before the week is out.
China And Cryptocurrency
China banned cryptocurrencies in 2021 when the price of Bitcoin had risen to $60,000. This move caused a crash in the market, from which Bitcoin recovered not long after, but left Chinese investors unable to adequately participate in a market they had previously dominated. That is, so far Hong Kong has made a move.
The country passed a new law that would allow crypto exchanges to offer services to investorsallowing them to re-enter the market. This gives investors in China a way to trade cryptocurrencies without worrying about breaking the law.
It is set to go into effect on June 1, less than three days from now. As this date approaches, a study by Forex Suggest has shown that Hong Kong is the most crypto-ready country in the world. However, it remains to be seen how this event will play out in the crypto market.
