Investors in cryptocurrency were in for a surprise today after EOS overtook Litecoin’s [LTC] position on the cryptocurrency charts. At press time, EOS was placed 5th on CoinMarketCap, while Litecoin was on the 6th position.
EOS and LTC were running neck and neck from 26th May, when EOS’s market cap was $6.30 billion, while Litecoin’s was $6.90 billion. However, at press time, EOS’s market cap was at $7.38 billion, while LTC’s at $7.12 billion.
There are speculated to be a few reasons behind EOS’s price pump. According to a tweet, Blockone has purchased 3.3 million EOS worth of RAM. The tweet ended with the question, “Are they deploying a product June 1.” Exchanges like OKEx have also been tweeting about the Litecoin halving, which is going to happen in about less than 70 days.
— EOS New York (@eosnewyork) May 27, 2019
— OKEx (@OKEx) May 28, 2019
It is speculated that the Blockone purchase and the Litecoin halving could be the reason behind the flip in their respective positions on CoinMarketCap. However, if so, this would a reversal of historical trends which usually entail a coin gaining in the face of impending halving.
The 24-hour trading volume for EOS was $3.99 billion and the market cap was $7.07 billion. However, at press time, EOS was falling by 1.15% over the hour. EOS was priced at $7.59.
OKEx contributed $2.09 billion to EOS’s 24 hour trading volume via the EOS/USDT trading pair. It was followed by Huobi Global, which pitched in $2.02 billion via the same pair.
Meanwhile, LTC had a 24-hour trading volume of $4.20 billion and had fallen by 3.45% over the last 24 hours. The silver coin had a market cap of $6.86 billion, and was priced at $110.82. In the last hour, it was down by 1.87%.
LTC was highly traded on Coineal exchange, with Dobi exchange following it.
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Top Losers: Ethereum, XRP, and EOS bleed as crypto-market follows Bitcoin’s lead
The cryptocurrency market has been enjoying an unprecedented bull run over the past few months, a trend that reached its apex when Bitcoin briefly touched the $13,000 mark on Binance. However, on June 27, the market witnessed a trend reversal, with the bears returning to the world of digital assets.
Apart from Bitcoin’s price dropping by over 5% in an hour, popular altcoins like Ethereum, XRP and EOS also suffered a hit in value, with the bears ravaging all coins in the top ten cryptocurrencies club.
At the time of writing, Ethereum had fallen from $331.39 to $321.52 within an hour. This whopping 9.87 percent drop contributed to its market cap settling at $34.35 billion. The second largest cryptocurrency held a 24-hour trading volume of $106.66 million, a decent amount when compared to its figures during the bear market.
A majority of the volume was held by DOBI Exchange, a popular cryptocurrency exchange which controlled $636.38 million of all ETH trade. DOBI was followed by Huobi Global, with a 3.3 percent hold on all Ethereum transaction volumes.
The next altcoin to be affected by the sudden bear market was XRP, which fell by 6.67 percent in the hourly cycle. At press time, XRP was trading at $0.42, a far cry from the $0.47 it was trading at 24 hours ago. The cryptocurrency had a market cap of $18.22 billion and a 24-hour trading volume of $3.27 billion. BW.com, a relatively unknown cryptocurrency platform, controlled a majority of XRP trade with $232.13 million in ETH trading volume.
EOS was the third most affected by the bears’ attack, as the cryptocurrency fell by 3.41 percent in 50 minutes. EOS was trading at $6.446, with a market cap of $5.97 billion. The $5.29 billion trading volume was majorly split between LBank and Huobi Global, both of which recorded 9.48 percent and 5.75 percent in EOS trading volume, respectively.
The sudden market crash was speculated to be a major correction of prices after a sustained period of bullish rise by the coins. This fall coincided with predictions made by popular analysts and traders who had previously claimed that Bitcoin and the rest of the market will go through more bear runs, before they reach their all-time highs.
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