Cryptocurrency Market Update: ‘Ethereum Killer’ EOS Getting Killed
Hopes of a rally have been dashed as the bears wrestle markets downwards for another day. Total market capitalization has declined once again and fallen back below $270 billion. Bitcoin could not break resistance at $6,800 and has fallen back 1.5% on the day to $6,675, volume has increased fractionally though.
Likewise with Ethereum, it could not push past $500 and has dropped back a heavy 4.8% to $460 at the time of writing. As expected all altoins are in the red with a few plummeting double figures during the morning’s trading.
EOS has been absolutely trounced over the past 24 hours shedding 12% to trade at $7.58. From its all-time high of $21.50 just two and a half months ago it has lost 65%. Over the past week EOS has lost 17% falling from $9.15 this time last Tuesday. Mainnet, wallet, and centralization woes have taken the shine off what was once dubbed the ‘Ethereum killer’. EOS is no longer the crypto superstar it was hyped to be though it is still early days for the emerging technology.
As usual Cardano is taking a kicking, it has been consistently one of the worst performing altcoins over the past 3 months. Today ADA is down 6.5% to $0.134, likewise with Iota dropping a similar percentage to trade at a dollar. Neo has also had a rough day plummeting 9.6% to $35, the lowest levels it has seen since November 2017.
Privacy coins Monero and Dash are both down over 7% on the day as is last month’s top performer, Ethereum Classic. Qtum has taken a hit of over 8% and Ontology and Zilliqa are both down over 11% as bears pummel the markets. Bitcoin Diamond is the biggest loser of the day dropping 37% over the past 24 hours to trade at $2.30.
Once again the only coin in the green in the top 25 is Tezos posting a gain of 5.6% to trade higher for the fourth consecutive day at $2.28. XTZ prices have almost doubled since the weekly low of $1.20 on Friday as the new kid on the block becomes the latest hot crypto.
Total crypto market capitalization has lost almost 3.5% as another $10 billion leaves crypto land. Currently at $264 billion markets could fall back to yearly lows below $240 billion if this bearish momentum intensifies. Trade volume has increased however from $11 billion to $13 billion indicating that a small rally could be imminent.
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the current trading session and analyses the best performing one, looking for trends and possible fundamentals.