This current market is going to take casualties, this is an inevitable part of the cryptocurrency markets. As values fall, some currencies will remain afloat, yet others will see huge chunks of value stripped off them. At this point I must state that even though this is the case, it doesn’t mean that the currencies in question can’t make a comeback. In essence, they are only injured and not killed off.
At the moment, we are turning to Bitcoin Cash and EOS since the pair seem to be quite heavily affected by the market decline. EOS in particular has been seen as a bit of a market leader recently, with the ability to change the path of the markets. When EOS moves up, the rest of the markets have followed on, indeed, this was the case through April and the start of May. Likewise, when EOS moves down, a similar reaction occurs.
Of course, they may be speculation based, however, as things look at the moment, with EOS making pace downwards and Bitcoin Cash following, are we about to enter a steeper decline, before we see things level out?
Is this steeper decline, going to be the start of the next bull run, as we saw in the middle of April? Let’s just remember that within a month, before the mid-April market surge, we saw Bitcoin move down from $11,662.60, to $6,814,04. Let’s hope so!
How does Bitcoin Cash look at the moment?
At the time of writing, Bitcoin Cash is valued at $1,190.86, down 5.03%. Bitcoin is only moving downwards by 2.45% and therefore Bitcoin Cash is dropping at twice the gradient. This won’t last forever, but the velocity of this decline should be considered.
Likewise, in the mid-April Market Surge, Bitcoin Cash did see a steep decline over a month, moving the value of Bitcoin Cash down to $766.88, before jumping up to $1,818.63 in the midst of the bull run, therefore the length of the decline we see today does suggest that another bull run could be pending.
How about EOS?
At the time of writing, EOS is valued at $13.02, down 4.66%.
As I have already mentioned, EOS is a significant currency, once EOS picks up a positive pace, perhaps the rest of the markets will follow. Although, the decline of EOS at the moment should be watched carefully. Ultimately, if EOS doesn’t make a positive turn soon, it is at risk of moving below $10.00, that’s something that will bring the currency a whole host of new problems. Though at the moment, this seems unlikely, so let’s remain positive.
Overall, the fall of Bitcoin Cash and EOS might look bad, but it could be a sign that something far bigger and better is brewing. Regardless of the negativity, it remains an exciting time for cryptocurrencies.