The entire cryptocurrency market has suffered a downturn with almost all major cryptocurrencies trading in red. EOS is not left out of the mix. The reason for the downturn is not clear yet but EOS is under a lot of pressure as it is losing value fast. EOS is heading South fast according to the price analysis from Bitcoincrypto.news, and this is causing panic in the EOS community.
EOS Price Today / USD
EOS was rising a few days ago and the pace at which the cryptocurrency is falling is more evidence to proof that Bitcoin has a strong hold on the value of altcoins. The cryptocurrency is having difficulty finding stability even if it has had a good run for most part of the year.
EOS Price Analysis
Within the past 24 hours, EOS has fallen by 11.66% even if Bitcoin has fallen by just 4%. This is rather surprising even if it’s expected that altcoins fall when Bitcoin falls. Bitcoin isn’t the only cryptocurrency that is affecting EOS. The price of Ethereum is also falling. Compared to Bitcoin, EOS has fallen by 8.32% and compared to. Ethereum, EOS has fallen by 4.69%.
EOS still has a high trading volume that is enough to provide market liquidity. However, most of the trades are recorded from sellers and not from buyers. As long as the price of Bitcoin continues to fall, the price of EOS and other altcoins will suffer.
The highest trading volume for EOS is coming from OKEx. Huobi is in second place although the difference isn’t much. Both companies are taking the lead in USDT pairs. Bitfinex is in third place with Binance in fourth. All indicators show that the bears will remain in the market for sometime.
The value of all cryptocurrencies depends on the value of Bitcoin either directly or indirectly. Bitcoin’s price isn’t looking promising but the cryptocurrency market is unpredictable and it can gather momentum when nobody expects.