Even though yesterday seemed to be a pretty positive day for most cryptocurrencies, today is completely different. More specifically, all currencies are in the red right now, with the NEO price dropped almost below $60 in the process. It is evident things will continue to remain volatile for quite some to come, but there will be a positive trend at some point later this year. For now, users will have to contend with the ups and downs as they come.
The NEO Price Drops by 10%
As is usually the case when the cryptocurrency markets go in the red, things can get troublesome fairly quickly. With Bitcoin losing nearly 6% of its value in the past 24 hours, it is only normal most altcoins will lose even more value in the process. When looking at the NEO price, it is evident the loss materializes in the form of a 10.21% decrease, which is on par with most altcoins on the market right now.
For the NEO price, this most recent decline pushes the value down to $61.21. It is not the value most NEO holders would like to see at this point in time, even though there is very little to be done about this current trend right now. This value is still higher than the NEO price in late October and early November of 2017, which eventually resulted in a massive price spike for all cryptocurrencies.
It is also interesting to note how the NEO price is losing so much value because of its decline against Bitcoin. With a 4.75% decrease in the NEO/BTC ratio, it is evident things will not necessarily improve anytime soon. Then again, this is the cryptocurrency industry, and surprising turns of events are pretty common these days. Until Bitcoin recovers, however, the NEO price will not see any major developments in the near future.
With $101.358m in 24-hour trading volume, the demand to buy and sell NEO seems to be on par with how things have looked over the past few weeks and months. Although there is no real spike or dip in overall trading volume to speak of, NEO is a semi-decent liquid market. This is on par with some of the other altcoins which have a similar market cap as of right now.
Looking over the exchanges ranked by NEO trading volume, Binance is clearly in the lead. Its BTC and USDT pairs represent 34.7% of all NEO trades. CoinEgg closes out the top three with another BTC pair. Bitfinex is the first exchange providing a fiat currency pair, and also the only one in the top five. Whether or not this will hinder future NEO price momentum, remains to be determined.
The way things stand right now, there is very little reason to be excited about any cryptocurrency market right now. There is nothing going the way most holders and speculators would like it to, but things can still turn around in the future. For now, the dip is in full effect, and it is evident this bearish pressure will not relent anytime soon. However, there will be a positive trend for all markets at some point in the future, albeit it remains to be determined when that trend will materialize exactly.
Source: The Merkle
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