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EOS Drops By 22%, A Day Of Losses For The Market

08 december 2018, 11:46 by John Kiguru

EOS Drops By 22%, A Day Of Losses For The Market

Yesterday, was a day of losses for holders as major coins plummet. The drop has been an extension from previous days drop when several major coins dropped and pulled the market cap down to $121 billion. Price drops among major coins have today ranged between 10% to 30%. EOS has seen one of the worst sell-offs in the last 24 hours, seeing the coin drop by over 20%. During the same time, bitcoin has dropped below $3,500 and bottomed at $3,300, Ethereum is trading below $90 and XRP has fallen to $0.30.

This fresh sell-off has seen the total market cap drop to $107 billion, marking a loss of more than $20 billion in the last 2 days. Earlier in the week, the market seemed to have temporarily found some stability with coins beginning to steadily recover. As has been the story from the past two weeks, the recovery was not to stick and could have easily been a bull trap.

EOS/USD Price Chart, December 8th:

EOS, which at the time of press has seen the worst drop in the top 20 coins is now trading for $1.69. In less than a month, the coin has slashed its value by half and given the wider bearish momentum, it feels like the worst is yet to come. EOS could still extend its losses and in the next couple of hours hit $1.00.

In a tweet sent out by TRON CEO Justin Sun, the founder noted that his project would fund developers from Ethereum and EOS following their platform’s collapse. Like Justin Sun, many more experts do not see EOS making a recovery- at least not in the short term.

Daniel Larimer, CTO of the company behind EOS has also not made EOS’s case any better after he announced his ambition of creating a new cryptocurrency.

EOS which was earlier in the year trading as high as $19.00 seems to be crashing down and the casualties might just be cleaned out billions.

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