Since the Chinese ICO ban it has been all dark & melancholy for short-term investors & a paradise for traders looking to "buy the dip" (& needless to say, sell again after a quick profit).
The Chinese news has an extended impact in the market since the beginning of September. This can be seen in the top 100 cryptocurrencies (as per market cap).
Even more so on NEO. As a NEO enthusiast myself, I know it is not a secret that the Chinese FUD is more impactful on this underlying asset.
However I think we might have an inversely correlated relationship b/w the price of NEO & GAS.
Since the news NEO has been down more than 60% of its ATH levels of which it had started shedding prior to the news. The news were just a nuclear attack on NEO💣💣
NEO is currently trading around:
In contrast to NEO's downspiral, GAS; the offspring, has been doing great & has risen its price against BTC & NEO more than 70% respectively:
Cryptocurrency is currently strongly community-driven. This means if there is some sort of sentiment making the rounds amongst the community, people will act upon that.
Personally I believe most investors & traders don't make their own decisions but are influenced by notions (wrong or correct).
In conclusion,
For whatever reason, it appears we are of the notion that GAS is a safe haven amidst NEO uncertainty & it has a widespread effect in the community. Now act on it!
Now others may argue this may be a result of market coincidence.
I DO NOT BELIEVE IN COINCIDENCES! (In the market).
Nice post, keep steeming
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Deal is a Deal.
Nice catch. But bare in mind that end of October/mid November, the market could crash heavily. So even if Neo goes up because of GAS tomorrow or in few days, it will please only the short term enthusiast. But opportunist (like me) will invest only during the dip.
Check my post for the reasons of the possible crash.
https://steemit.com/cryptocurrency/@jlcrypto/reasons-why-the-crypto-currency-market-could-go-down-heavily-in-october-november