Tough August for Neo with a 40 Percent Price Drop

Neo suffered major losses in August with one of the worst performances among the top 25 cryptocurrencies in the world.

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As seen in the graph below, Neo followed a continuous downward trend throughout the month, losing 40% of its value.

Source: CoinMarketCap

One way to explain the coin’s poor performance is related to the U.S. Securities and Exchange Commission. SEC rejected a big number of exchange-traded funds (EFTs) and NEO was among the affected cryptocurrencies.

Over the period, crypto was not alone in the declining trend. The total market cap of all the cryptocurrencies had a $100 billion deficiency. In the last two weeks of the month, however, the market regained its power a bit, generating $40 billion.

That didn‘t help many of the cryptocurrencies like Bitcoin (BTC) and Ethereum (ETH) which announced double-digit losses. Neo reclaimed 35 percent of its price but it is still considered as one of the worst.

The all-time high price of the token was 162.11 US dollars. On August 1s the price was 28.87 US dollars, and by August 14th it reached 14.38 US dollars - a 50 percent downgrade. By the end of August, NEO went from number 17 per market cap to number 15.

During the last two weeks, NEO climbed 33 percent until it reached its final price of 19 US dollars on August 31st. The cryptocurrency needs to get above the $30 mark if it wants to make a comeback.

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