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EOS Price: Decline Continues as Sellers Retain Control of the Market

The current momentum across all cryptocurrency markets does not instill any degree of confidence. All markets are still in the red, primarily because of the Bitcoin price suffering from a major setback in the past 48 hours. Although the momentum seems to improve, the going remains tough for nearly all altcoins. The EOS price is seeing its fair share of problems in this regard.

EOS Price Struggle is Very Real

Even though there are a few altcoins which are hyped up as “Bitcoin killers’, it is evident they all rely on the Bitcoin price momentum first and foremost. No altcoin, asset, or token on the market today can effectively find its own path when the Bitcoin price is going down. The EOS price is a good example of this situation, as it continues to lose value at a rather alarming rate.

Over the past 24 hours, the EOS price has lost another 6.58% in value. This is a rather worrisome setback, although it is not entirely uncommon given the current market conditions. Because of this ongoing decline, the EOS price has dropped to $5.64, a low point which hasn’t been seen since May of 2018. That is anything but a bullish indicator, although there is still a good chance the markets will recover later this year.

Because of the ongoing Bitcoin price declines, the EOS price is also dropping thanks to a setback in the EOS/BTC ratio. Another 3.78% decline in this ratio seems to spell short-term price disaster for this altcoin, although it is still too early to say for sure what the future will hold for the cryptocurrency industry. Any EOS price recovery will not materialize anytime soon, that much is rather evident.

Even though the EOS trading volume still looks very promising, it doesn’t necessarily matter if the market is dominated by sellers rather than buyers. For the time being, the panic selling will continue to affect the EOS market in a spectacular fashion, and a further EOS price decline seems highly likely. It may even drop as low as $5 before the week is over.

Based on the current information, it appears OKEx is leading the pack in terms of EOS trading volume. Its USDT pair is a bit ahead of Huobi’s USDT market and Bitfinex’s USD pair. Binance and BigONE add two more USDT pairs to the top five, although CMC disregards the latter platform for some reason. As such, its fifth place is taken over by Huobi’s BTC market. It will be interesting to see how all of these markets affect the EOS price moving forward.

Until the Bitcoin price recovers some of its lost value, it seems highly unlikely any of the altcoins will benefit from any positive momentum. Given the current market sentiment, it seems highly unlikely the Bitcoin price will see any real uptrend in the coming days, as investors have cooled off on this industry in spectacular fashion. Keeping the overall crypto market cap above $215bn will be a struggle as well, as more bearish pressure looms overhead.

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Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target

Taiwan Semiconductor Manufacturing Co. (TSMC), the world’s largest dedicated independent chipmaker, has predicted a drop in demand from the cryptocurrency mining community in the fourth quarter this year. The growth target of 7 to 9 percent was slashed to 6.5 percent partly due to the demand dynamics of bitcoin miners. Crypto Mining Demand For TSMC Chips to Weaken Further In Q4 2018, Says CEO C. C. Wei, Chief Executive Officer and Vice Chairman of TSMC told investors at the company’s third quarter 2018 earnings conference that business growth would be offset by “continued weakness in cryptocurrency mining demand”. “Moving into fourth quarter, despite the current market uncertainties, our business will benefit from the continuous steep ramp of7-nanometer for several high-end smartphones as well as the demand for 16/12-nanometer for the launches of new-generation GPU andAI. However, this growth will be partially offset by continued weakness in cryptocurrency mining demand and inventory management byour customers.” The company forecasts growth between 5 and 7 percent for the overall semiconductor market excluding memory, while foundry is expected to grow between 6% and 7%. Weakening demand from cryptocurrency miners has forced the firm to adjust the growth estimate to 6.5 percent in U.S. dollar terms, according to the chief executive. “However, our business is also negatively impacted by further weakening of cryptocurrency mining demand. As a result, we estimate our 2018 growth rate will be about 6.5% in U.S. dollar term, which is close to the foundry industry’s growth but slightly below our 7% to 9% guidance given in the last conference.” The downshift in mining profits is the main responsible for the company’s revision of its full-year sales target, citing uncertainty in the cryptocurrency market as its reason. In April, the Taiwan Semiconductor Manufacturing Company lowered its 2018 revenue guidance to 10% growth from 10-15%, estimating that about 10% of the Asian chipmaker’s revenue depends on cryptocurrency mining demand. Moreover, the entrance of Samsung in the global cryptocurrency mining sector could be providing TSMC their first real competitor in the sector, which in turn, may eventually push the company to lower its sales targets in years to come. Samsung has started the production phase of bitcoin and cryptocurrency mining equipment and ASIC mining chips earlier this year. The company intended to manufacture GPU miners for miners targeting small cryptocurrencies in the upcoming months. President Trump’s trade tariffs, on the other hand, may hurt future trade volumes of Chinese companies producing cryptocurrency mining hardware. This may eventually benefit TSMC as competitors from the People’s Republic of China will have a hard time in the race for the U.S. market. The post Is Demand For Bitcoin Mining in Decline? Chip Maker Slashes Target appeared first on NewsBTC.

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