NEO is the latest cryptocurrency to fall victim to the current price drop, taking another huge hit. Over the past 24 hours, the price of NEO has fallen to just $66.95 thanks to a 5.8% decline in USD. The trouble stems from Bitcoins falling price, which in turn is making all of the others suffer.
On top of this, NEO is losing ground in the NEO/BTC department, dropping 5.8%. Experts are suggesting for altcoins to decouple themselves from Bitcoin; however, this seems quite unlikely at the moment.
The saving grace for NEO is that the demand for the coin has not slowed down at all, in fact, in the last 24 hours, they have had a trading volume of $131.16 million. What is clear from the above decline is that sadly, the sellers are vastly outweighing the buyers at present.
What appears to be happening in the cryptocurrency world is that many investors are exchanging Bitcoin to altcoins, and vice versa, in a way to increase their Bitcoin holdings, so this might mean that this recent dip in price for NEO does not last for very long; however, only time will truly tell whether this is the case or not.
The somewhat reassuring factor is that it is not just NEO that has dropped in price, all cryptocurrencies are suffering. The very nature of them is incredibly volatile and risky, and NEO is definitely no exception to this, but experts are warning that this dip is far from over yet. But, instead of thinking of it as a completely negative thing to happen, every big dip in price is also a good buying opportunity as well, so for those who are looking to invest in this altcoin, now could be the perfect time to buy. We have no way of saying when things will improve, but experts are suggesting that they will, so if you have invested, watch this space to see what happens to the price over the next couple of days.