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After watching it climb to $187.97 on Jan. 16, NEO holders have had to watch the cryptocurrency plummet 74.89% to today's price of $47.20.
But there's a very bullish NEO price prediction for 2018 that was just released, which we're going to share in just a bit.
First, the price of Bitcoin fell, as the dreaded "death cross" reappeared on technical charts around the globe.
Bitcoin's downturn continues after markets digested news that the coin had its second-worst quarter on record in Q1 2018.
That downturn, however, hasn't stopped Bitcoin bulls from making lofty projections in the year ahead.
Fundstrat founder Tom Lee has stuck by his aggressive projection of $20,000 and argues that the worst of the downturn in recent months could be "largely over."
Lee believes that three "major publicly traded corporations" will issue native digital tokens this year, a move that he believes would further legitimize cryptocurrencies in the eyes of institutional investors.
Here is a recap of the top cryptocurrency prices at 11:30 a.m. EDT (returns in last 24 hours).
- Bitcoin: $6,936.10, -6.30%
- Ethereum: $378.49, -6.52%
- Ripple: $0.50, -6.87%
- Bitcoin Cash: $653.85, -7.85%
- Litecoin: $118.27, -6.23%
Now that we know all of today's price movements, here's what has been moving these cryptocurrencies…
Cryptocurrency News Today
On Wednesday, the market capitalization of the global cryptocurrency sector fell to $259.13 billion. Bitcoin comprised 45.4% of the total cryptocurrency market, with a market cap of $117.62 billion.
The top performer in the space was ZCoin, which climbed 238.44%.
Other top performers from the top 50 cryptocurrencies included IOStoken (up 11.83%), Ontology (up 3.65%), and Bitcoin Diamond (up 2.07%).
The worst performers from the top 50 cryptocurrencies included VeChain (down -14.02%), DigixDAO (down -13.12%), TRON (down -12.72%), Waltonchain (down -12.16%), 0x (down -11.88%), BitShares (down -11.29%), Binance Coin (down -10.74%), and Siacoin (down -10.48%).
Ethereum Founder Bashes Craig Wright
Today, Ethereum co-founder Vitalik Buterin generated headlines after he called out Craig Wright for what he argued to be "blatantly false" claims about "Selfish Miner Theory."
Buterin concluded a short rant about mining by calling Wright – who has previously claimed to be Bitcoin founder Satoshi Nakamoto – a "fraud" and questioned why he was allowed to speak at the conference.
Fed Keeps Warning About Cryptocurrencies
Cryptocurrency markets were digesting a warning by U.S. Federal Reserve Gov. Lael Brainard, who sits on the powerful interest rate-setting Fed Open Market Committee.
On Tuesday, Brainard called out Bitcoin and other cryptocurrencies for introducing extreme volatility to the market.
She also said that cryptocurrencies come with "important investor and consumer protection issues, and some appear vulnerable to money-laundering… concerns."
However, she did note that Bitcoin did not represent a broader threat to the U.S. economy during a speech in New York City.
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Now, as promised, let's take a look at that bold NEO price prediction…
You Won't Believe This NEO Price Prediction
About the Author
Garrett Baldwin is a globally recognized research economist, financial writer, and consultant with degrees from Northwestern, Johns Hopkins, Purdue, and Indiana University. He is a seasoned financial and political risk analyst, with a focus on stocks, hedge funds, private equity, blockchain, and housing policy. He has conducted risk assessment projects for clients in 27 countries, and consulted on policy and financial operations for some of the nation's largest financial institutions, including a $1.5 trillion credit fund, a $43 billion credit and auto loan giant, as well as two of the largest Wall Street banks by assets under management.
Garrett joined Money Map Press as an economist and researcher in 2011, specializing in alternative strategies with an emphasis on fundamental and technical analysis.