EOS on a rally while other cryptocurrencies struggle
As I'm sure you are well aware, cryptocurrencies have been struggling recently. In the past few weeks we've seen 100's of BILLIONS of dollars erased from the overall marketcap of the crypto market. It hasn't been pretty to say the least.
We've all been looking for a catalyst the end this down turn. Will Bitcoin start to attract "large money"? Will Ethereum show it's dominance? Will the media's favorite token, Ripple, have major buying from large banks and other financial institutions? What about Cardano?
Well, guess what. I suspected a about a week ago that EOS will be one of the coins, if not THE coin, that will charge ahead when the market once again turns bullish. Remember, 2017 was a flight to the "big" and well-known coins. Bitcoin, Ethereum and Litecoin, namely. Everyone had heard of these coins, they were listed on Coinbase and thus earned people's trust. Who cares if they are actually useable or if the token has much utility....they had the name recognition and the media attention. Everyone knew that these were the coins on everyone's mind and the talk of their dinner table so why not speculate in the guaranteed winners? And it worked until it didn't.
This year, 2018, will be a flight to quality. That means that dumb money came in and is now probably sitting at a loss in their crypto portfolios. As everyone picks up the pieces, they start to look around and see why they invested in a coin that is now down 50% (or more) and wondering what other coins are out there and possibly a better investment.
Now, before I go any further, I'm aware that EOS had a crazy run on news and reached ~$18 and is still >50% down from it's peak. Same with nearly every other coin (remember Bitcoin at $20,000 and Dash at $1600)?
Ok, here's a screencap from www.CoinMarketCap.com. One of these things is not like the other!
Here's some % up and down from Jan 1, 2018. All values in USD from Bitfinex.
EOS: -13% (-$1)
BTC: -34.5% (-$4,620)
LTC: -25.1% (-$55.98)
ETH: -27.5% (-$208.04)
Now, I could be cherry picking these numbers since EOS just ran for 2 days, but I don't think it's unexpected. There's still TONS of misinformation and misunderstanding about EOS and for some reason it'll take until the mainnet blockchain is released before most ppl believe in it.
Could it be the >$1 BILLION that the Block.One team has raised? Or maybe the recent news of a "German fintech incubator FinLab AG and Block.one, developer of the Blockchain software platform EOS.IO, announced a $100 mln joint venture to develop projects that use EOS' software"
(https://cointelegraph.com/news/major-european-fintech-investor-and-blockone-announce-100-mln-fund-for-eos-projects).
To those of us who have taken the time to:
- Research DPoS vs PoW vs PoS
- Use Steem(it) and understand what it's potential is
- Understand how blockchain resources can be "unlocked" by owning tokens
- Used Bitshares and see the value of the financial layer that it offers
- Know the benefits from having an human readable account name
- Read Dan's articles and watched his interviews
- Aren't religious to Bitcoin and it's dreams and know there's proven results with other projects
...congratulations. You will do very well in the future and I hope the past few days give you confidence in the direction EOS is going and the value it will bring.
To everyone else...if you haven't taken a serious look at EOS...it's past time. Smart money was in EOS many months ago and the Market has given the dumb money another opportunity. Maybe they are taking it now or maybe it's smart money continuing to be smart. Either way, enjoy the ride if you dare to mount the real rocketship.
To the future,
Ashe
Excellent stats that you provide, i felt that EOS rather underperformed very recently, so that should have ended now. There have been some solid news recently, with Binance announcing to feature the future EOS token, VC news and an update whitepaper. If they manage to deliver on their promises, a marketcap close to that of Ethereum would be easily justifiable, but as you pointed out this project is really hard to grasp, it's what i am working on to see if the expectations are grounded in facts.
thank you :) The EOS community is starting to build out. It's going to be very strong with incentive aligned.
EOS was only able to go on a run after bitcoin bounced off the long term trendline at around 7300. For better or worse, the whole market is still following bitcoin now. Bitcoin has dropped about 10% in the last 12 hours and EOS (and the rest of the market) is following as expected. EOS may be an amazing project but in this current market it's not going to pull us into a bull market. If bitcoin finds a bottom and flattens out then there's a chance other alts like EOS can catalyze a bull run, but while we're still in a bitcoin downtrend, that's just not going to happen. IMO there's no bull run until bitcoin starts its next market cycle.
while that may be true now...this market will become more and more uncorrelated to the Bitcoin price as people realize that Bitcoin has very little (if any) influence on other blockchain projects.
I hope you're right and seeing blockchain platforms actually being useful is a way that could happen. Lets see if EOS can turn that promise into a reality, should be interesting.
Crypto currencies had a very good time in January but most has since gone down. Eos still trying is a very good thing. Hope Steem would recover
yeah, EOS is looking very strong and I think it's just getting started. I was chatting w/ a buddy of mine and told him that I thought EOS would be one of the key coins to pull us out of this crypto bear market.
no doubt EOS on a rally and its great thanks for sharing nformation keep it up its really good You are doing a great work thanks for sharing
thank you @travellingwomen. I must ask, are you multiple people? Your plural name is confusing ^_^
Good question
In our travel we are multiple because we all are friends but some time i am single or with family
Hope you visit my blog thanks
Thanks for share information about cryptocurrency.
well thats really sad for all the other cryptocureency holders i myslef waiting for upgoing the rate of steem and sbd so unfortumly have no investment in eos thanks for sharing the updates!
Steem has a bright future. Just gotta get the sign-up process easier.
Yeah in the start they were on a peak and now they are facing some bad time. But everything changes the time will come when it will get back to its previous position. Yeah some of the coins like you mentioned is flighting very quickly. Thanks for sharing
eos is a imporant part of crypo currency.its always doing struggling of market system.your thought very good.because this is a very good information for all steemianas. thanks to sharing for your good valuable post.good work sir..@ashe-oro
Graet choose.
Good post dear..Thanks for share information about cryptocurrency.
The cryptocurrency market is now getting much lower than before.
I hope this situation will be fixed soon enough and the market will be in good condition...Thank you