The current cryptocurrency market situation looks far from promising. That is not entirely surprising, as a declining Bitcoin price always drags alternative currencies with it sooner or later. The EOS, price, for example, is getting battered quite badly as of right now. A 20% overnight decline is not something to be excited about under any circumstance.
EOS Price Drops Hard
It was to be expected the EOS price would see some sort of a correction in the future. After its stellar rise from $6 all the way to over $18, it quickly became evident this growth could not be sustained. Either the EOS price would correct itself, or the entire cryptocurrency market would face a major setback. Unfortunately, it resulted in the latter development, which doesn’t bode too well for any cryptocurrency.
With the EOS price losing 14.08% over the past 24 hours, it is evident the correction will be another steep one. Albeit this is nothing new in the world of cryptocurrency, it does show these markets will remain volatile for quite some time to come. The EOS price is now trying to hold on to the $13 level, but that may not necessarily be a feasible outcome, all things considered.
As one would expect from such steep declines, EOS has lost value against both Bitcoin and Ethereum in rather spectacular fashion. With a 11.76% decline over Ether and a 14.6% setback against Bitcoin, things are not looking promising by any means. It is certainly possible the markets will rebound very soon, but it remains to be seen how that will impact the EOS price in general.
Even though EOS still has a high amount of trading volume, it is pretty clear the bears are in full control of this particular altcoin market. With $3.381bn in 24-hour trading volume, a lot of people are intent on buying and selling EOS, although the sell orders are stacking up rather quickly at this stage. If this trend keeps up, the EOS price will not remain above $13 for much longer.
The way things stand right now, EOS trading volume is mainly originating from South Korea. This is nothing new in the world f cryptocurrency, as exchanges in that neck of the woods tend to generate a high amount of trading volume virtually every other day. In this case, Bithumb and Upbit are in firm control of the market, followed by Bitfinex, Huobi, and OKEx. Three fiat currency pairs in the top five isn’t bad, even though very little of it results in buy support.
For the time being it seems evident the carnage in the cryptocurrency world will continue unabated. With the potentially fake news coming out of South Korea, a lot of people are spooked and concerned about what the future will hold. Surprisingly, it seems the real damage remains somewhat contained, minus some exceptions such as EOS. An interesting weekend lies ahead, yet it is pertinent to keep the bigger picture in mind at all times.