The digital currency market is currently in the hands of the bears. Almost all altcoins are deep in the red. Most of them have lost more than ten percent of their values over the past twenty-four hours. However, they seem to be dancing to the tune of Bitcoin (BTC) – the world’s largest digital currency by market cap.
Over the years, Bitcoin (BTC) has been known to have a degree of influence over the rest of the digital currencies in the market. Whenever the value of Bitcoin (BTC) surges, other coins in the market will follow suit. The same trend occurs whenever Bitcoin (BTC) experiences a downward trend.
Earlier today, Bitcoin (BTC) experienced a sharp decline in its value. The digital currency plunged by more than four percent and lost about $400 in less than one hour. Bitcoin (BTC) was trading at $6,659 at the close of Wednesday. The digital currency is now trading at the $6,285 mark at the time of writing.
EOS Investors Refused to Be Moved By the Recent Price Trend of Bitcoin (BTC)
All the top 50 digital currencies are deep in the red including EOS. However, the investors of the digital currency have refused to back down irrespective of the recent price trend. More trading has been going on amidst the bearish market. EOS has witnessed an increase in trading volume over the past twenty-four hours.
The digital currency also didn’t complete its cypher pattern. EOS backed out at the middle of the correction and took off to test the 10-week exponential moving average. It is currently facing a major hurdle at this point. Nevertheless, it is crucial to know that the 10-week exponential moving average and the 21-week exponential moving average have come extremely close.
If the digital currency breaks over the 10-week exponential moving average with enough bullish traction, it can break over the 21-week exponential moving average. A break over the 21-week exponential moving average will pave the way for more gains for EOS.
EOS Might Correct Higher, Leaving Bitcoin (BTC) Behind
Institutional investors are pumping more funds into EOS. If the digital currency breaks over the 21-week exponential moving average, chances are it will continue to correct higher irrespective of Bitcoin’s price trend. The EOS project seems to have gotten the attention of many institutional investors. This is because they’ve bought the idea that the blockchain project might be the next Ethereum.
The blockchain of Ethereum has some drawbacks that developers are beginning to notice. EOS is just following the footsteps of Ethereum and creating a similar platform. However, the platform of EOS seems to complement the flaws of Ethereum, and that is why a lot of developers are attracted to the blockchain.
Ethereum still has more decentralized apps, dapps developers, and active dapps than EOS. Nevertheless, EOS is now a huge threat to Ethereum, as it provides a much better platform for the creation of dapps.
EOS Price Today – EOS / USD
At the time of writing, EOS is changing hands at $5.32 after a decrease of about 8 percent over the past twenty-four hours. The digital currency currently boast of a market cap of $4.82 billion and its trading volume over the past twenty-four hours is $761.64 million.