Albeit there was some initial excitement in the cryptocurrency markets this morning, it seems the momentum has shifted once again. As of right now, all of the top 15 markets are in the red once again, with some currencies even noting rather spectacular losses. Anyone keeping an eye on the NEO price right now will not be too happy with how things are going.
NEO price takes another big hit
The year 2018 has been absolutely atrocious for most cryptocurrencies. With losses materializing on several occasions already, it has become evident the markets will not relent anytime soon. Whether or not that means the entire year 2018 will be a bear market, remains to be determined, though. As we have seen in previous years, the momentum can turn bullish in the blink of an eye. People who are speculating on the NEO price will have to wait and see if things turn in their favor once again.
More specifically, the NEO price has taken another big hit in the past 24 hours. Thanks to yet another 5.8% decline in USD value, we are now looking at a NEO price of just $66.16. It is a far cry from the all-time high of $187.91, as that price point may not be reached again for quite some time to come. With the Bitcoin price getting battered as well, it is only normal all altcoins struggle for traction until the markets catch their breath. Right now, that will not happen anytime soon, by the look of things.
It is also worth noting the NEO price is losing ground in the NEO/BTC department. With the altcoin dropping 5.8% in this ratio, the USD losses by the falling Bitcoin price are only compounded further. Now would be an ideal time for altcoins to decouple themselves from the Bitcoin price, but it seems highly unlikely such a trend will materialize in the near future. Anything is possible in cryptocurrency, but for now, the onslaught continues unabated.
With $131.16m in 24-hour trading volume, the demand for NEO has not slowed down in the slightest. That is a good thing, as a lower trading volume would probably make the NEO price decline even steeper than it is already. This trading volume is rather respectable, even though it is clear for everyone to see the sellers vastly outweigh the number of NEO buyers right now.
Future of NEO uncertain
With Binance still dominating the NEO trading landscape, we find ourselves in a rather interesting position. Their USDT and BTC pairs remain well ahead of CoinEgg, Bitfinex, and Upbit as of right now. It seems people are intent on exchanging Bitcoin to altcoins and vice versa as a way to increase their overall BC holdings. Whether or not that will result in positive NEO price momentum later today, remains unclear as of right now.
For now, it seems evident there is not much to get excited about when it comes to the different cryptocurrency markets. The NEO price is no exception in this regard, as this downtrend appears far from over at this stage. Even so, every big price dip is a new buying opportunity as well. Whether or not the NEO price will rebound during the weekend, remains highly unlikely. For now, we will have to endure this NEO price decline until things improve. When that happens exactly, is anybody’s guess.
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