All cryptocurrency markets have taken a surprising turn for the worse, although it remains unclear why this has happened exactly. The Bitcoin price is getting battered right now, which spells a lot of trouble for all altcoins. The EOS price clearly feels the pressure, as it is dropping value a lot faster than most people would have assumed possible.
EOS Price is Heading South
Every time the Bitcoin price loses value, altcoins will be affected in spectacular fashion. So far, these developments have been anything but positive for alternative cryptocurrencies. The EOS price is a good example of how dire things can get in fairly quick succession. Even though the currency has seen a good run throughout early 2018 – despite the overall net losses – finding stability has proven to be a major challenge.
Over the past 24 hours, the EOS price has declined by 11.66% Compared to Bitcoin’s setback of less than four percent, this comes as a rather big surprise, for obvious reasons. Even so, it is only normal altcoins bleed value when Bitcoin faces a tough time, as those types of situations have been present for quite some time now.
As one would expect, the EOS price is declining because of ongoing losses over both Bitcoin and Ethereum. EOS has lost 8.32% compared to Bitcoin and 4.69% over Ethereum. Combining these figures with Bitcoin’s net USD loss, it is not hard to see why the EOS price is dropping below $7.6 at this stage.
Even though there is more than sufficient EOS trading volume to provide market liquidity, most of the trades are controlled by sellers, rather than buyers. Considering how the markets will continue to face a setback as long as Bitcoin’s value is in the direct, today will not be a good day for EOS price speculators or other cryptocurrency enthusiasts.
Unsurprisingly, OKEx is dominating the EOS trading volume charts. Its lead over Huobi is not that big, despite both companies topping the charts with their USDT trading pairs. Bitfinex’s USD pair comes in third place, followed by another USDT market on Binance and OKEx’s BTC market. A very solid mix of different exchanges and trading markets, although the bears will remain in firm control for quite some time to come.
All cryptocurrency markets rely on Bitcoin’s value in one way or another. The way things are currently going, the situation is not looking all that promising by any means. Even so, the cryptocurrency markets tend to see interesting momentum when people least expect it. Whether or not that will have a positive impact on the EOS price later this week, is very difficult to predict.