With the whole of the cryptocurrency market experiencing what can generously be described as a downward spiral (and less generously described as an out-and-out crash), we are starting to see who the stronger players in the scene are.
As the enormous boom in the value of various altcoins blossomed at the tail end of 2017, the sector became awash with new investors and, perhaps more tellingly, new developers. It was, perhaps, the first sign of genuine interest in the market as far as mainstream attention was concerned. As is so often the case in these things, the mainstream heads towards the big players – Bitcoin and Ethereum in this case – and will leap off the moving train just as quickly once prices start getting too rich for their blood.
This is why Bitcoin dropped in price from $20,000 per coin to just over $8,000 per coin as of latest market figures. It says nothing about the inherent value of the currency itself, but rather the fickle nature of the casual investor. By definition, many of those new to the game aren’t aware of the rules: they don’t know what they’re buying into, which is why they just latch on to the biggest noise in the arena.
With the attendant slump well and truly in effect and many of those fly-by-night investors allowing digital currency to cool off a little, we can start to see where the smart money was. Make no mistake, a drop in the value of Bitcoin devalues the market overall, but some weather the storm better than others. NEO is one of those. Indeed, it is one of the few currencies where you could have invested your money just prior to the surge, and still be making a profit in February 2018. This suggests more sedentary investors have been ploughing their money into the currency, which offers stability to this particular altcoin and, as we all know, stability ultimately leads to professional interest and growth.
It’s little wonder that some online pundits are predicting that NEO will, entirely organically, cap-out at anywhere between $900 and $1,000 by the end of the year.
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