Even though it appears as if most of the crypto markets are turning bullish again, that doesn’t automatically apply to every individual project. The EOS price, for example, is still under a fair bit of bearish pressure at this time. Despite some positive developments behind the scenes, it would appear the price is not responding in kind at this time.
EOS Price Continues to Lose Value
In the cryptocurrency world, there is hardly ever anything like a “major trend”. Although a lot of projects rely on Bitcoin’s momentum first and foremost, some will buck the trend at any given time. In today’s edition, it would appear EOS is bucking the positive trend, which will come as a rather big surprise to a lot of traders and speculators. There is no real reason for this particular trend either, which makes it a bit odd first and foremost.
To put this in perspective, the EOS price is not benefiting from Bitcoin’s gains. More specifically, there is a 2.2% decline in USD value down to $3.49. There is also a 2.5% decline in EOS/BTC, which drives the value down to 90,636 Satoshi. Neither of these developments is all that promising, although these declines are not exactly steep either. Considering how EOS still notes a hefty trading volume, it seems plausible to assume this negative trend can turn around eventually.
On social media, there is seemingly no negativity toward EOS at this time. More specifically, EOS New York has shared a recap of some of the most recent developments and updates affecting the ecosystem. It is evident the dApp ecosystem is still growing nicely, and the upcoming changes to EOS governance will be very crucial to keep an eye on.
The EOS Echo #15 | Your Weekly EOS Digest: Summarizing the Week of 18 Feb 2019 & 11 Feb 2019
Two weeks packed into one summary! @dGoods_EOS raising the bar for NFTs on EOS, dApps are migrating to EOS, EOS governance is getting an overhaul. https://t.co/Iv8T7rnz0v
— EOS New York (@eosnewyork) February 25, 2019
A lot of traders are keeping a very close eye on what the future will hold for EOS in the price department. More specifically, it seems some people expect the price to bounce in the coming hours. While it remains to be seen how things will play out exactly, there is no real indication of a further downtrend. Even so, these markets tend to evolve in mysterious ways.
$EOS looks good for a bounce at the .618. #EOS #Crypto #cryptocurrency pic.twitter.com/7GgTYK6Osr
— Precision Traders (@ToTheTickTrades) February 26, 2019
As has been the case for virtually all cryptocurrencies, there are arbitrage opportunities for EOS as well. Although the profits are pretty interesting to look into, it remains to be seen how long this price gap remains in place. As long as EOS remains bearish like it is right now, there will undoubtedly be some price difference between the top exchanges.
Buy at #Poloniex and sell at #Bitfinex. Ratio: 1.48%
Buy at #Gate.io and sell at #Bitfinex. Ratio: 1.83%#bitcoin #arbitrage #arbitraj #arbingtool https://t.co/xiFUPzcOcC
— Arbing Tool (@ArbingTool) February 26, 2019
All things considered, there is a good chance EOS will follow the overall positive market trend sooner or later. However, it is also apparent all of that momentum heavily hinges on Bitcoin’s price developments, which still look rather uncertain at this time. For now, this uneasy trend will undoubtedly remain in place for some time to come, although there may not necessarily be any bigger price setbacks throughout the day.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.