As Bitcoin Sheds Gains, EOS Surges 12.5%
After facing rejection near $11,000, bitcoin’s price tumbled all the way back down to the low $10,000 region over the weekend, tempering expectations of a breakout following two consecutive monthly declines. In the process, bitcoin’s grip on the broader cryptocurrency market loosened enough to allow EOS to surge 10% in the span of a few hours.
The bitcoin price touched a session low of $10,229.49 on Sunday, retracing 6.5% of its recent high. At the time of writing, the BTC/USD exchange rate was down 0.8% at $10,405, according to Bitstamp data.
Bitcoin trade volumes fell by half over the weekend. According to Bitwise, the top ten verified exchanges processed more than $600 million worth of bitcoin trades on Sunday. Binance was the single largest spot market for bitcoin trades at $324.3 million. It was followed by Coinbase ($71.6 million) and Kraken ($61.5 million).
Even with the latest price swing factored in, bitcoin’s underlying volatility continues to decline. On Saturday, bitcoin’s 30-day volatility index fell to 3.20%, according to bitvol.info, the lowest since mid-May.
At current values, bitcoin’s market cap stands at $87.1 billion, or 70% of the overall cryptocurrency market.
As bitcoin consolidated, EOS surged on Sunday en route to fresh two-week highs. The Enterprise Operating System was last up 4.5% at $3.73 on Coinbase, where it was trading just below the session high. Over the 24-hour trading cycle, EOS was up 12.5%, according to CoinMarketCap.
The rally pushed EOS’ market cap north of $3.4 billion, putting it just below Binance Coin (BNB) for seventh spot in the crypto rankings.
EOS’ breakout was accompanied by a broad uptick across most altcoins and tokens. Digital coins not named bitcoin added nearly $3 billion in cumulative value on Sunday. Including bitcoin, the total cryptocurrency market is worth $267.8 billion.
Ethereum (ETH), Litecoin (LTC) and Cardano (ADA) were among the top-performing cryptocurrencies, gaining between 3.2% and 4.8% at the time of writing.
Bitcoin alternatives have been shedding market cap for the past three months, raising the likelihood of an impending purge across the altcoin market. Peak to trough, coins like EOS lost nearly two-thirds of their value through the summer.
Disclaimer: The author owns Bitcoin, Ethereum and other cryptocurrencies. He holds investment positions in the coins, but does not engage in short-term or day-trading.
Featured image courtesy of Shutterstock. Charts via TradingView.