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Flash Crash: EOS, TRON [TRX] & Ethereum [ETH] drops by 5% in just under an hour!

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ETH, EOS, TRX Prices spiral down
Source: Flickr

The markets are bearish but in the past one hour, everything from Bitcoin to Bytecoin had a dramatic sell-off. Bitcoin is now trading at $7100, EOS has dropped by 5.24% in the past one hour to trade at $11.9 to a token. TRON [TRX] which held a strong ground so far has also crashed by 5% in the past one hour to trade at 6 cents.

Ethereum crashes down in the past one hour

Ethereum crashes to $518, drops by 6% in the past one hour – Above: One-Minute Candle stick.

Ethereum [ETH] was comfortably trading at $570 today morning at 04:00 UTC. After hitting a lot at $370 in April, ETH had recovered and was trading above the $800 mark earlier this month. At press time ETH was trading at $520 to a token with a market cap of $52 billion.

Coinmarketcap: Top 10 currencies losing value in the past one hour

Coinmarketcap: Top 10 currencies losing value in the past one hour

Tron’s Main Net is just a two days away and according to certain analysts, the better part of the community was expecting TRX to hit 10 cents before 31st of May. EOS’ Main Net launches in four days and although the community didn’t expect a major pump in the last few days, few expected it to drop.



TRX at press time was trading at $0.063 to a token with a market cap of $4.2 billion while EOS at press time was trading at $11.92 to a token with a market cap of $10 billion.

TRX in a 15-minute chart shows the drop in the past two hours

TRX in a 15-minute chart shows the drop in the past two hours

Lewis Yang, a TRX “HODLer” spoke to AMBCrypto and says,

“We have stuck around long enough to understand the volatile nature of the market. Expect a pump the same way in dumped. Remember to buy when it dumps, it only makes you richer. With the Main Net and Utorrent news, there’s no way in hell that we’ll stay so cheap for so long”





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Andrea Pierre Jackson is a contributing News writer at AMBCrypto from December 2017. She has previous writing experience with major publishing houses in the UK and the US. Andrea currently does not hold any position in any cryptocurrency or its projects

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Bitcoin

Bitcoin Dominance Index [BDI] falls short of Bletchley Ethereum Token Index [BETI] in 2019

Biraajmaan Tamuly

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Bitcoin Dominance Index [BDI] outperformed by Index based on the Ethereum blockchain in 2019
Source: Pixabay

One of the key factors which is often used to represent or indicate the potential of a particular cryptocurrency’s growth is its market capitalization. When the market capitalization of a coin or token showcases a positive hike, it usually has a positive impact on that particular asset’s market.

According to LongHash, the Bitcoin Dominance Index [BDI], which is used to measure Bitcoin’s market cap had been the dominant index since the beginning of 2019. It was observed that the BDI improved from 53 percent to 58 percent over the past few weeks after the largest crypto-asset underwent multiple price hikes.

XRP, which dominated Bitcoin by 1,600% back in 2017 on cryptocurrency exchange Bittrex in 2017, was currently down by almost 50% against Bitcoin in 2019. Ethereum [ETH] fared better comparatively, but was still down by 14% against the Bitcoin.

However, the Bletchley Ethereum Token, a token built on top of Ethereum, seemed to have outperformed Bitcoin this year.

The Bletchley Ethereum Token Index [BETI] can be utilized by investors for their allocation to tokens placed on top of the Ethereum blockchain. However, it should be noted that Ethereum is not a part of the index as it is an independent entity. The BETI is a weighted index, which means that the tokens with dominant market caps will take up a larger part of the index and the re-balance will take place at the end of a particular month.

For example, Tron [TRX] and Binance Coin [BNB] currently take up more than half of the BETI’s Weighted Index. Since the launch of their DEX, BNB has enjoyed a lucrative year with multiple hikes bringing the coin to $30 from under $6. Tron also witnessed major growth in market cap as it was up by 40% in comparison to the US dollar.



However, it is important to note that the major tokens on the BETI’s weighted index have all launched their own blockchain, at press time. Hence, it can indicate that the dominance enjoyed by BETI over the BDI over the last few months could point to a situation where the Ethereum blockchain was preferred for the launch of various tokens.

Despite the aforementioned reason, it is safe to state that Bitcoin was not the only entity which dominated the crypto-space this year.





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