When the Bitcoin price shows serious declines, the rest of the cryptocurrencies predictably follow suit. As we have seen in the past, some currencies suffer a lot more than others. The currency noting the biggest losses right now is none other than NEO, with a 20.65% decline over the past 24 hours. This represents a net USD value loss, as the currency is losing a lot less ground where its BTC value is concerned.
NEO Price Dives Well Below $20 Again
Given the recent turmoil in the cryptocurrency markets, it is anything but surprising to see the NEO price drop by quite a bit over the past 24 hours. More specifically, NEO is down by 19.2%, which is one of the largest daily declines for this relatively young cryptocurrency. Then again, the past few days and weeks have been pretty volatile for all markets, and NEO seems to have been getting the worst of it.
The bearish sentiment is blatantly obvious when looking at the cryptocurrency rankings right now. All top currencies are down by double digits, yet just two of them get even close to 20%. The one other exception in this regard is IOTA, but it appears that project has a lot of issues in the PR department right now. NEO, on the other hand, has no such issues, even though it has gotten caught up in China’s recent ICO ban.
The trend over these past few days has been rather negative overall for the most part. With the value dropping from US$31 all the way to US$18 in just a few days, it is evident there is no sign of improvement right now. Nor will there be in the foreseeable future unless the Bitcoin price starts to make some big moves of its own. Right now, that appears highly unlikely as well, which will continue to hurt all other cryptocurrency markets.
Moreover, it appears NEO’s trading volume is slowly drying up as we speak. Late last week, the volume was still over US$50 million per day, but it has since fallen to US$38 million in short order. This is not entirely surprising, given China’s harsh stance toward cryptocurrency ICOs these days. Moreover, one has to keep in mind that the NEO team is in the process of refunding some investors, which means there will be even more market volatility in the days to come.
Speaking of the markets, it is evident there are only two exchanges which really matter for NEO right now. Both Bittrex and Binance are the only sites generating significant trading volume at the present time. Although NEO was added to Bitfinex not too long ago, the market is anything but hot right now. There is little volume in the platform’s USD, BTC, and ETH markets, which doesn’t bode well. Moreover, there is only one exchange actively trading NEO against the yuan right now, which is Yobtc with virtually no volume to speak of whatsoever.
Things are not looking great for the Ethereum of China. Then again, so long as China continues to oppose ICOs of the past, present, and future, that situation will not change anytime soon. It is remarkable how the actions of one nation can make entire cryptocurrency markets collapse. For a bunch of decentralized currencies, the markets are influenced by some highly centralized nations, which is not a good sign by any means. It is unclear if and when NEO will recover, but for now, things are looking pretty bleak.
