As was to be expected during the recent crypto market recovery, a further decline would occur sooner or later. Unfortunately for all cryptocurrency enthusiasts, that correction is taking place right now. All currencies are dropping like flies, although the EOS price is definitely taking the brunt of the assault.
EOS Price Continues its Decline
It was not entirely unexpected to see the EOS price decline further. Although this project has had a great run so far, the launch of its main net has not been received all that well. Multiple issues combined with a fair amount of FUD are making this project looked a lot worse than it really is. It is only natural those developments also affect the EOS price, and not in a positive manner.
Over the past 24 hours, the EOS price has lost another 6.64% of its value. Considering how all major currencies are losing value right now this will not really surprise anyone at this stage. If Bitcoin goes down, so will Ethereum, and by default, all other cryptocurrencies which are not Tether. It is the way this industry works as of right now, and there is no real improvement on the horizon just yet.
To put this into perspective, the EOS price decline is fueled by ongoing declines against both Bitcoin and Ethereum. The EOS/BTC ratio decreased by 5.81%, whereas the EOS/ETH ratio lost 2.58% in the past 24 hours. All of those declines add up to a relatively big setback in USD value, pushing the EOS price down to $7.72 at the time of writing.
Even though EOS has no real shortage of trading volume, it seems there isn’t enough positive pressure on the market right now. Instead, the sellers are clearly in full control of this market. An annoying situation for people keeping tabs on the EOS price, although it seems unlikely anything will change in the coming hours.
As of right now, OKEx leads the trading volume charts with its USDT pair. Two other exchanges offer a USDT trading pair in the top five, as both Huobi and Binance are part of the gang as well. Bitfinex provides USD trading and Upbit’s KRW pair is ever present. An interesting mix of different pairs, although it seems unlikely this will be sufficient to keep the EOS price trend at this level, let alone push it up a few notches.
For the time being, it remains to be determined how the EOS price will evolve in the hours and days to come. With all major currencies facing big setbacks right now, it seems highly unlikely the EOS price will fare any better. Even so, stranger things have happened in this industry, and anything is possible at all times.