TL;DR
- NEO leads all major cryptocurrencies with a 30.75% daily surge to $10.67
- IOTA gains 16.26% as interest in feeless transactions grows
- Bitcoin Cash continues its post-fork decline, dropping nearly 16% to $364
- Ethereum holds firm at $225.34 with steady 2.24% gains
- Total crypto market shows broad-based strength beyond Bitcoin
While Bitcoin grabs headlines for holding above $2,800 in the aftermath of the Bitcoin Cash fork, the real story on August 3, 2017 is playing out in the altcoin market. A powerful rotation into alternative cryptocurrencies is underway, with several mid-cap projects posting double-digit gains that dwarf Bitcoin’s respectable 3.46% advance.
NEO: The Smart Contract Challenger Heats Up
NEO, often called the “Chinese Ethereum,” is the undisputed leader of today’s altcoin rally. The smart contract platform surged 30.75% in just 24 hours, reaching $10.67 with a market capitalization of approximately $534 million. Over the past seven days, NEO has gained a staggering 39.21%, making it one of the best-performing major cryptocurrencies during a week dominated by Bitcoin fork narratives.
The rally appears driven by growing recognition of NEO’s unique approach to smart contracts. Unlike Ethereum, which uses Solidity, NEO supports multiple programming languages including Python and Java, potentially lowering the barrier to entry for developers. With China’s crypto market still robust despite regulatory uncertainty, NEO is attracting both domestic and international capital.
IOTA and Waves Join the Breakout
IOTA posted an impressive 16.26% daily gain to reach $0.3324, pushing its market cap above $923 million. The Tangle-based cryptocurrency, which eliminates blockchain fees entirely by using a directed acyclic graph structure instead of traditional blocks, is gaining traction as investors seek alternatives to congested networks. Over the past week, IOTA has gained nearly 20%.
Waves is another standout, with a remarkable 40.64% gain over seven days to trade at $3.84. The custom token platform has been building momentum as businesses increasingly explore blockchain solutions for asset tokenization. Stratis also performed well, climbing 23.61% over the week to $6.04.
Bitcoin Cash Faces Reality Check
Not every cryptocurrency is celebrating. Bitcoin Cash, which launched just two days ago amid tremendous fanfare, is experiencing a sharp correction. BCH dropped 15.99% on August 3 to $364.05, erasing much of the gains it made following its debut at approximately $240. The coin’s 24-hour trading volume of $161.5 million suggests active selling pressure, as early recipients of the airdropped coins take profits.
The speed of the correction raises questions about whether Bitcoin Cash can sustain meaningful hash rate and developer support long-term. With SegWit activation on the original Bitcoin chain just weeks away, the fundamental argument for BCH’s larger block size may weaken further.
Ethereum Steadies the Ship
Ethereum continues to trade in a stable range at $225.34, up 2.24% on the day and 10.78% over the past week. With a market capitalization of $21.1 billion, ETH remains the clear second-largest cryptocurrency and appears to be benefiting from the broader market optimism. The steady performance suggests that investors view Ethereum as a safe harbor amid Bitcoin-related volatility.
Why This Matters
The altcoin rally of August 3, 2017 signals something important: the cryptocurrency market is maturing beyond Bitcoin. While the original cryptocurrency remains the dominant store of value, investors are increasingly allocating capital to projects that offer different technical approaches and use cases. NEO’s challenge to Ethereum’s smart contract dominance, IOTA’s feeless transaction model, and Waves’ tokenization platform each represent distinct bets on where blockchain technology is heading. For market watchers, the divergence between Bitcoin’s steady climb and the explosive altcoin gains suggests that the total addressable market for cryptocurrencies is expanding — and fast.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always conduct your own research before making investment decisions.
NEO at 10.67 with a 534M market cap and people thought it was going to flip ETH. the smart contract platform wars were brutal
IOTA at 16 percent on feeless transactions was the peak of the coordinator hopium. took 7 more years to actually remove it
BCH down 16 percent post-fork while NEO pumped 30. the market was already telling you which narrative had legs but nobody wanted to listen
NEO at $10.67 being called the chinese ethereum aged like milk. where is NEO now lol
ETH at $225 with a 2% gain while alts did 30%. the rotation trade is eternal
gas_guzzler_ lmao NEO at 10 being called chinese ETH. its down 99% from ATH and nobody talks about it anymore
NEO and IOTA were both top 10 coins in 2017. now neither is in the top 50. the altcoin graveyard is vast
IOTA gaining 16% on feeless transaction narrative. Then the coordinator never got removed. Classic.
IOTA coordinator removal was always 6 months away. been saying that since 2017
coordinator removal was the IOTA promise for years. they finally did it in 2024 but the market had moved on by then
NEO at 10.67 with a 534M market cap. gas_guzzler_ was right, people really thought it would flip ETH. now its not even top 80
BCH down 16 percent post fork while NEO pumped 30. the market was rotating away from fork drama into smart contract narratives. lasted about 2 months lol
NEO at $10.67 with a $534M cap. Called the Chinese Ethereum and it never delivered on a single promise. Antshares rebrand was pure marketing. The project is dead 9 years later.
neo_bagholder_legacy_ NEO at $10.67 was just the start. It hit $190 three months later and then bled for 7 straight years. The Chinese Ethereum tag was the most expensive meme in crypto history.
IOTA up 16% on feeless transaction narrative while the coordinator was still fully centralized. Nobody cared about the training wheels. The ternary binary pivot killed whatever credibility was left.
NEO up 30 percent at 10.67 being called the Chinese Ethereum. it hit 190 in January 2018 then bled for 7 years straight. the rebrand from Antshares was peak bull market marketing
BCH_skeleton_ NEO at 10.67 to 190 in 5 months was the cleanest pump and dump of that era. everyone who held after the rebrand learned a expensive lesson
NEO being called the Chinese Ethereum at 10 bucks and then watching it hit 190 three months later. 2017 was a different planet
IOTA up 16 percent on the feeless narrative while the coordinator was still running. the promise of coordinator removal took 7 years and by then nobody cared
Minjae L. 7 years to remove the coordinator is honestly impressive mismanagement. IOTA had first mover advantage in feeless payments and squandered all of it
dag_skeptic_ NEO at 10 to 190 in three months was peak 2017 casino. everyone who bought the Chinese Ethereum narrative got rich then watched it bleed for 7 years straight
Minjae L. IOTA ternary architecture pivot to binary was the real death knell. they spent years rebuilding from scratch while the market moved on to actually working networks
NEO at 10.67 called the Chinese Ethereum and now its down 99% from its ATH. IOTA at least survived theCoordinator drama. 2017 altseason was pure casino
bought neo at $8 in aug 2017 and rode it to $190 thinking i was a genius. sold at $40 on the way down. neo at $10.67 in aug 2017 felt like the floor. nobody believed it would actually pump that hard
BCH dropping 16% to 364 right after the fork. everyone who held BCH thinking it would replace BTC got absolutely rekt. classic post-fork dump
NEO called the Chinese Ethereum at 10 bucks and it actually pumped to 190. the rebrand from Antshares was the most effective marketing pivot in crypto history. too bad the tech never matched the hype