NEO Shines as Bears Bash Crypto Markets

When crypto markets fall, most altcoins take a beating together, as has been the case during this morning’s Asian trading session. All in the top ten are showing red with some, such as Ripple, falling by as much as 15% in the past 24 hours. Only one altcoin is posting positive gains and that is NEO.

A bigger selloff occurred last week when fearmongering media outlets misreported a total crypto ban in South Korea. What actually occurred was a ban on anonymous trading accounts to prevent illegal activities, such as money laundering.

NEO The Bull

According to reports and figures from analytics websites, NEO has risen by 9% in the past 24 hours and over 52% over the last week. Often called the Chinese Ethereum, NEO reached a record high of $195 a few hours ago during Asian trading. The rise has pushed it back into the top ten cryptocurrencies by market capitalization, where it currently sits at eighth, pushing Stellar Lumens and Iota further down the list.

NEO is traded heavily in Asia, which may not be reflected on popular statistics sites such as Coinmarketcap, which has removed South Korean markets. Binance takes the majority of the trade with over 35%, followed by Korean exchange Upbit with almost 25%. At the time of writing, its market capacitalization is $10.7 billion, with $780 million traded in the past 24 hours…

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