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.
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