Cryptocurrency markets are always interesting creatures. Their movements often make little to no sense, even though there are some general patterns which become apparent more often than not. It appears there may be some positive momentum later today, even though the EOS price is still struggling a bit as of right now.
EOS Price Faces an Uphill Battle
It is evident all cryptocurrencies heavily rely on Bitcoin’s momentum to note any real gains. In the case of EOS, the current momentum is not looking all that promising. Although this is also affecting all other cryptocurrencies on the market, the EOS price is often a strong indicator of how all other cryptocurrencies will evolve in the coming hours.
Over the past 24 hours, the EOS price has lost 1.97% in value. It is not the biggest setback this altcoin has ever faced, nor will it be the last setback either. With a current value of $7.17, the EOS price is still in a fairly good place, all things considered. Although this shows there is still a long way to go prior to effectively recovering value, the current momentum seems to favor cryptocurrencies right now.
There is still a deficit in the EOS/BTC ratio which may prove a bit more difficult to overcome. With a 2.83% setback over the past 24 hours to contend with, it seems unlikely EOS will gain any real ground on Bitcoin in the coming hours. This means the altcoin will have to rely on Bitcoin’s price to recover prior to noting any real USD gains itself.
The overall cryptocurrency trading volume has taken a big dip over the past few hours, which usually doesn’t bode well for either Bitcoin or altcoins. In the case of EOS, its overall volume still looks relatively strong, as $622.564m worth of EOS has changed hands in the past 24 hours. This is very impressive for any altcoin at this stage, although it remains to be seen if the buyers will gain control of this market later today.
Huobi is in form control of the EOS trading volume with its USDT, BC, and ETH pairs all in the top six. Other exchanges include OKEX and Binance with a USDT pair, and Bitfinex with a USD offering. With just one fiat currency pair in the entire top 10, things are not looking all that promising for EOS, although it is still too early to determine how these markets will evolve in the coming days.
All alternative cryptocurrencies heavily rely on Bitcoin to note any real positive momentum. Surprisingly, the Bitcoin price is on the rise, yet altcoins are a bit slow to catch up under the current circumstances. That situation can change at any given moment, although there is still a long way to go until all markets can show some positive signs of life. Once Bitcoin goes up in value for a few days straight, the rest of the market will undoubtedly follow.
Photo via Shutterstock.
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Author: Alicia P