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The EOS continues to undergo a quicker surrender than its peer blockchain projects after falling another 11% in a day.
Tuesday's EOS / USD rate set an intra-day low at 2.41-fiat, down 28.27% from the weekly high at 3.36-fiat. Meanwhile, the maximum decline in EOS market capitalization this week reached $ 861 million, according to data available on CoinMarketCap.com.
The downside in the EOS market stems from uncertainties related to the blockchain that feeds the token. Investors and traders are worried about the longevity of EOS as a "decentralized" blockchain project, with new reports showing how the project has been centralized lately. For a project that has raised $ 4 billion in a round of initial coin offerings, EOS should look overvalued on many as a result of its latest advertising crisis.
EOS was among investors' favorites, especially because it was the only currency that had a better success than the rest of the April encrypted market. The currency rose by around 400%, from $ 4 to $ 20, mainly because its annual ICO was not completed. In reality, the EOS rate could have been much lower than $ 20.
Bitcoin Cash strongly bearish
At the time of writing this article, Bitcoin Cash (BCH) also fell by 8% over a 24-hour time horizon, now trading at $ 154.38 with a total market capitalization of $ 2.70 billion.
The BCH / USD this week reached a maximum of 196.80-Fiat after its hash war with the Bitcoin SV group came to a conclusion. The fundamental, however, was not able to fix the amount of sentimental and financial damage suffered by investors during the aforementioned hash war. The upward corrections were mostly traders executing their short positions, forming a bearish flag to indicate a continuation of its downward trend.
The bitcoin cash-desk hash rate also fell after the rigid fork. It reflects the decline in network security standards that could have led investors to reduce BCH's position in the short or medium term.
Elsewhere in the Crypto Market
Bitcoin, the main digital currency, had a less intense 24-hour period than EOS and Bitcoin Cash. The currency recorded a marginal drop of 0.55% to $ 4000. Ethereum and XRP also lost 1.84% and 1.34%, respectively, maintaining the levels of support intact as bitcoins for promise a potential rebound scenario.
The ETH / USD rate at the time of printing is 111.61-fiat. And the XRP / USD is trading at 0.3564-fiat.
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