NEO’s dismal performance in August has likely strengthened the already strong bear grip on its market.
Down 39.6 percent month-on-month in August, it is the biggest loser among the top 25 cryptocurrencies by market capitalization, according to CoinMarketCap and analysis by CoinDesk.
Throughout the month, the world’s 14th largest cryptocurrency has moved in tandem with the broader market, which took a beating in August due to SEC’s rejection of multiple bitcoin exchange-traded funds (ETFs).
Notably, the total market capitalization of all cryptocurrencies was printing more than $100 billion loss just two weeks into the month as the metric sank below $200 billion for the first time in over eight months. At the same time, NEO was reporting monthly lows below $14.50.
However, the broader market made a considerable rebound in the final two weeks of August, regaining nearly $40 billion of the lost value in total market capitalization.
Still, the rally towards August’s end was not enough for many cryptocurrencies to salvage the considerable losses endured in the weeks prior, including the likes of bitcoin (BTC) and ether (ETH), the markets largest assets, reporting double-digit monthly losses.
NEO also recovered 35 percent from the lows seen on Aug. 14 but is still a standout performer in the losers column.