As Bitcoin slips down toward $3,000, all altcoins are following suit. The cryptocurrency industry has suffered a blow over the past 24 hours with $30 billion being wiped out of the total market capitalization. EOS is struggling with selling pressure as Litecoin hits lower lows every hour, and, Stellar struggles to hold the bears off.
EOS Price Analysis
The staking process started a few days ago and the EOS blockchain cannot start operating fully until token holders finishing staking for the voting process to begin. Unfortunately, with the rate at which the staking in going, it may take weeks for it to be complete. Investors are worried about exposing their private keys and about the integrity of the voting process. The more the voting is delayed, the more the price will stagnant and fall. If the price is rejected again, it may go as low as $7 short-term.
Litecoin (LTC) Price Analysis
The new Coinbase investment fund has been the talk of the industry for a while now. However, those who intend to invest should note that the price of Litecoin has been on a downward slope for a while now and it is currently down by 12% within just 24 hours. If the price continues to fall, Litecoin may end up trading in the $70 range.
Stellar Lumens (XLM) Price Analysis
Something is on the way for Stellar and hopefully, it may get a quick boost. The new partnership with YoVo might be good news for Stellar Lumens as they intend to launch their service on the Stellar platform. The Stellar market is currently under selling pressure and it will take a blockchain miracle to change the game in favor of the bulls. Over the last 24 hours, Stellar has lost 11% of its value.
This is how these three altcoins are doing today. If Bitcoin, the leader, continues to drop, the associated cryptocurrencies will undoubtedly suffer the same fate.