Nothing overly exciting is happening across the cryptocurrency markets as of right now. That is not really surprising, primarily because the Bitcoin price is dragging everything else down with it. The EOS price, on the other hand, shows very small losses, and even notes a small increase compared to Bitcoin.
EOS Price Momentum can Turn Around
Nothing is ever set in stone in the world of cryptocurrencies. For the EOS price, it seems the current decline is inevitable, primarily because all markets tend to go down when Bitcoin is losing value. As this trend continues for several days on end now, one would expect the EOS price to be down quite a bit. That is not necessarily the case, primarily thanks to a 0.87% gain in BTC value over the past 24 hours.
Such a promising development can highlight a bigger, impending trend. It would appear EOS is one market largely unaffected by the current Bitcoin price momentum. Although there is still a net 0.67% loss in USD value, it is negligible compared to how all other altcons are evolving. Combined with a very strong trading volume of $630m, the EOS price should not see a major decline anytime soon.
It appears EOS community members remain positive during these troublesome times for the cryptocurrency industry. Cypherglass, one of the EOS Block Producers, remains committed to EOS for the long-term, according to CEO Rob Finch. He is convinced this technology will lead to consumer-oriented applications, something other major cryptocurrency ecosystems may not be able to offer.
5/ this is why we have a long term commitment to the #EOS Mainnet @CypherglassBP. EOS has the potential to power a new generation of consumer-focused, mass market apps that have new, built-in incentive models that pay people for the value they add to their networks
— Rob Finch (@finchify) September 8, 2018
There is also a lot of speculation regarding the upcoming “major announcement” by EOS as the London EOS Hackathon. Although the opinions are a bit divided on this front, there are a lot of possibilities users like to speculate about. As long as it is a positive development for the ecosystem, it will probably have a good influence on the EOS price accordingly.
One slight worry for the EOS ecosystem is the number of main net users. A tweet shared by Tron founder Justin Sun earlier this week shows Tron’s main net allegedly had more main net users at that time. Several days later, the statistics still favor TRON, albeit EOS holders will be quick to point out their project’s market cap is a lot higher. Still, an interesting correlation to keep an eye on.
#TRON MainNet accounts have surpassed #EOS. 12:00pm, September 4, 2018, according to https://t.co/YKDdSgzLyV and https://t.co/lq47uq7vQo, #TRON MainNet: 301604 V.S. #EOS: 299743. The #TRON Network continues to thrive and gains more recognition 71 days post #TRON MainNet launch. pic.twitter.com/7fZ7sGUXDc
— Justin Sun (@justinsuntron) September 4, 2018
As is always the case in the cryptocurrency industry, the current price momentum only tells part of the story. For now, the EOS price sees to hold its own above $5, although a small dip below that threshold is not unlikely. The coming weeks and months will be very intriguing to keep an eye on, as all cryptocurrency markets will come under increasing pressure..