With all cryptocurrency markets in turmoil right now, it is difficult to discuss any positive developments. In fact, the most positive news comes in the form of how the NEO price didn’t drop by double digits overnight. It is the only currency to “only” lost 6% in value recently, which makes it the best-performing asset in the top 10. This doesn’t mean the NEO price won’t drop further, but for now, everything seems to be going rather well.
NEO Price Loses Less Value Than Other Markets
It is never fun to talk about cryptocurrency prices based on which coin lost the least value over the past 24 hours. Unfortunately, that is the situation we are dealing with right now. For some unknown reason, all cryptocurrency markets decided to go parabolic in the past few hours. As a result, a lot of currencies aw their value per coin decline significantly. Most of the top 10 currencies are down by 10% or more, which is anything but a positive development. Such a steep correction was coming sooner or later, though, as Bitcoin’s reign is all but over at this point.
The one currency somewhat bucking this trend is NEO. More specifically, the NEO price suffered some big losses, just like any other cryptocurrency out there. However, the NEO price “only” dipped by 6% in the past 24 hours. This is mainly thanks to its strong gains over the past few days, followed by a surge to nearly $195 last night before the mayhem started. As such, it is still in profit compared to the $145 we reported on not that long ago, but there is still a lot of volatility to deal with.
Surprisingly, the NEO price didn’t buckle in correlation to Bitcoin. As is often the case, a Bitcoin price drop will kill all altcoins’ Bitcoin ratio as well. For NEO, that has not happened, even though things looked rather bleak for an hour or two. Compared to 24 hours ago, the NEO price is still up by over 8.8% in BTC value. Whether or not this momentum can remain in place, seems highly unlikely, though. The market panic is palpable right now and there will be plenty of bearish pressure for quite some time to come.
On the upside, NEO has over $1.376bn in 24-hour trading volume. This is almost twice the volume compared to 24 hours ago, indicating the interest in this altcoin is growing as we speak. Do keep in mind there are a lot of coin holders who bought NEO at a cheap price and they will unload their bags at some point. For those willing to take a risk, NEO may be a good hedge against Bitcoins’ volatility right now, but always do your own research before investing.
With most of the NEO trading volume originating from Upbit, things have certainly taken an interesting turn. It has been a while since we last heard of this exchange, but it seems Korea has taken a liking to NEO these days. Binance and Bitfinex complete the top three in terms of trading volume. It’s good to see Bitfinex’s NEO/USD trading pair finally surpass one of Binance’s markets. Fresh capital needs to enter the cryptocurrency world to reverse this bearish pressure, but it will be an uphill battle all the way.
For the time being, all markets are subject to extreme volatility. There is no reason to think the NEO price will remain even remotely stable, as weak hands and panic sellers will drive everything down in quick succession. Rational traders knew this dip was coming and they are buying the cheap coins as we speak. Whether or not the NEO price can return to $195 before long, is very difficult to predict. Anything is possible in cryptocurrency, but for now, the overall outlook is very bleak.