The current momentum across the cryptocurrency markets remains rather positive. Despite the gains noted by Bitcoin and most top currencies, not all markets are performing as one would expect at this time. The EOS price, for example, is going through a brief dip, primarily because the altcoin is losing a lot of value compared to Bitcoin itself.
EOS Price is on the Decline for no Reason
It is evident not all cryptocurrencies are created equally. Nor are all markets behaving in the same manner when the momentum sours or turns bullish. Bitcoin is still performing as expected at this stage, as no notable dips have occurred over the weekend. For the EOS price, it seems Bitcoin is getting the better of this altcoin as of right now.
To put this in perspective, the EOS price has lost 2.64% in value over the past 24 hours. That is not a big setback by any means, but it also shows the positive Bitcoin momentum is not spilling over to this altcoin, for some reason. because of this decline, the EOS price has dipped below $6.5 again, although it will seemingly rebound either later today or at some point early next week.
The biggest reason for this EOS price decline is the value lost compared to Bitcoin. For some unknown reason, Bitcoin has gained 5.34% on EOS over the past 24 hours, although it remains to be seen how this will evolve in the coming hours and days. It is not uncommon for altcoins to lose value compared to Bitcoin when the world’s leading cryptocurrency remains bullish for an extended period of time.
With the overall cryptocurrency trading volume on the rise, an interesting trend is created. In most cases, the cryptocurrency volume decreases over the weekend. Today proves to be a rather interesting day in this regard. For EOS, its overall trading volume is also on the rise, resulting in $857.53m in trades over the past 24 hours. A positive number, especially because of the overall negative momentum affecting this market right now.
Looking at the exchanges ranked by EOS trading volume, it would appear DOBI Trade is leading the pack with its BTC market. OKEx leads a group of three exchanges with a USDT pair, followed by Huobi and Binance. The top five is completed by Bitfinex’s USD pair, which is also the only fiat currency pair in the top five as of right now. With these five pairs, the EOS price should be able to recover some of its lost momentum later today.
As is always the case, there are no guarantees when it comes to cryptocurrencies. In the case of the EOS price, it is evident things will change a bit in the coming hours and days, although the final outcome has yet to be determined. It would appear a small price recovery will occur soon, although recovering all losses may not necessarily happen today. Moreover, it remains a bit unclear what the future holds for Bitcoin as well.