NEO Wipes Off Year-Long Gains, A Position Shared By Several Altcoins. Thursday, November 1st
NEO Wipes Off Year-Long Gains, A Position Shared By Several Altcoins
Following this recent price drops in the crypto market, a number of coins have effectively wiped off their year’s gains. One as such is NEO. NEO is currently trading in the lows of $15.00- having even briefly hit $12.00, this is almost half what it was last year. October 31, 2017, NEO was trading around the $28.00 position. Other coins that have also lost their year-long gains include Litecoin and Ethereum which are trading in the lows of $49 and $197 respectively.
Last year, it was around this time that investors were taking interest to the rapidly growing ICO hype that was proving to be worth billions. The interest sparked a bull run that saw prices dramatically soar and hit their all-time highs around January when the general market cap was at $817 billion.
Now, it seems highly unlikely that the market will be able to replicate these numbers again. Since Bitcoin fell from a key indicator in March the market has been in the grip of the bears. Everyday tightening their grip, especially the altcoins. This has been evident by the dominance of bitcoin in the market. With bitcoin showing a 54% dominance, it is proof that investors have been exiting altcoins and preferring bitcoin. Bitcoin continues to hover above $6,300 with its movement being observed keenly by holders who remain unconvinced.
NEO/USD Price Chart, Thursday November 1st:
NEO at the time of press is trading at $15.19 marking a 0.89% price drop. The coin, among many others, is currently going through a frustrating period of sideways action. This will only be broken if there is some major news that affects the whole market or at the very least bitcoin. The crypto community can only hope that the news that breaks the stalemate is positive and propels the market upwards. If the news is to be negative and prices continue to drop, the damage could be irreversible, in the short term at least.
Legal Disclaimer: Please remember that trading, buying or any other type of investing in cryptocurrencies should be consider risky and may lead to the loss of all of the invested money. For further information visit Terms and Conditions section on TokenTops. We do not encourage our readers to any kind of financial decisions. Neither jury.online nor its parent companies accept responsibility for any loss, damage, or inconvenience caused as a result of reliance on information published on, or linked to, from jury.online. We believe that everyone should make their own and in depth research on the particular topic in various sources before making any financial decision and this person should be the only one responsible for the outcome. Our writers do their best to remain unbiased and don't actively support any project. The research is done with various sources, the predictions are based on own believes, analytical skills, experts and community discussions and is intended to convey general information only.
You may also like
XRP Leads Market Recovery, Surges By 11% And Leaves Ethereum ETH In The Wind
Can EOS Stay Up And Maintain The Fourth Position Ranking?
Dogecoin Drops Below Range, Is It Still Worth Holding In 2019?
Stellar XLM Drops By 10% Recording New Year Low As The Market Wipes Out Over $6 Billion
IOTA’s Slowdown Sees It Slip Behind In Ranking
XRP Market Cap Could Be Overvalued By $6 Billion
You need to login to create comments.