Asian Cryptocurrency Trading Update: EOS Leads on Mainnet Launch
Current performing altcoins are EOS, Ethereum, Tron and Decred.
Finally there has been some good news to lift crypto markets as the week comes to an end. The SECs decision not to consider Ethereum as a security has provided a long needed boost to cryptocurrencies. The markets are still way down but are trading slightly higher over the past 24 hours clawing back some of those losses. Bitcoin has not done much and has made just 1.7% to $6,620, only $400 above its low for the year. Ethereum has been the big driver of market movement, initially jumping 10% on the news but now trading at $513, up 5% on the day. Altcoins are generally in the green, bouncing a little from a week of heavy losses. The leading coin if the day during Asian trading this morning is EOS.
Coinmarketcap is currently reporting an 8% jump for EOS which is trading at $11.07. This time yesterday EOS was around the $10.25 level and over the week it has shed over 21%, down from $14 this time last Friday. The past month has seen similar losses for EOS which traded around the $14 level this time last month. Against Bitcoin EOS has made 6.4% on the day to 168000 satoshis from 157500 sats this time yesterday. BTC has been falling, but altcoins faster, so weekly losses on Bitcoin have been 7.8% from 182000 satoshis this time last Friday.
The EOS mainnet is now finally live which has driven this momentum. The gains have been even greater than Ethereums which is already pulling back. The EOS ERC-20 tokens are now frozen and supporting exchanges will convert to the new blockchain. It has reached the voting threshold to elect the 21 block producers with 15% or 150 million votes. However there are big concerns about the decentralization of EOS as currently it equates to a small number of entities controlling a large portion of the network.
Regardless, EOS is the top performing altcoin at the moment, traded primarily on Asian exchanges Huobi and OKEx in USDT. South Korean trade on Bithumb and Upbit also accounts for 20% in KRW. Total trade volume has remained steady at around $1.3 billion though market cap has fallen to under $10 billion as cryptos continue their downward slide.
Total crypto market capitalization over the past 24 hours has clawed back 3.2% primarily on the SEC ruling and currently stands at $287 billion. Volume has remained steady at $16 billion but the bears are still in control as markets have plunged 16% over the past week. A few other altcoins are performing well during the mornings Asian trading session and they include Ethereum, Tron up 7.7%, and Decred 8.4% higher on the day.
More on EOS can be found here:https://eos.io/
FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.
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