Christmas Dip: EOS, ADA, BCH Down 20-24%
The cryptocurrency market lost 14% in the twenty-four hours leading up to christmas day, amounting to approximately $21 billion of the global market cap.
Bitcoin lost just over 10% in the process, while the major altcoins underwent the biggest corrections after more than a week of extravagant growth. EOS (EOS), Cardano (ADA) and Bitcoin Cash (BCH) all lost between 20% and 24% of their value.
EOS Price – EOS/USD
EOS sunk 20.9% from yesterday’s high of $3.10 down to Tuesday morning’s low of $2.45. EOS had previously increased 23% in value since Saturday, December 22nd, but today’s correction has wiped out that three day growth in one fell swoop.
Over 50% of daily trades came against Tether (USDT), while overall volume has fallen 50% since the start of the week, from $1.5 billion down to $1 billion.
The return to the $2.45 range places EOS block producers at roughly the break even point in terms of profitability, and is 57% higher than the thirteen-month low that was struck in mid-December.
EOS is the only major altcoin to be operating at a loss for the week, likely owing to the fact that it took its turn to pump a week or two earlier than most.
Bitcoin Cash Price – BCH/USD
The BCH coin price lost 24.2% during the dip – its larger losses in line with its larger gains earlier in the month. From Monday’s high of $205.15, BCH’s dollar value dropped to $155.40. That’s still 106% up from December 15th’s low in the $75 range.
Bitcoin Cash trade volume is down from last week’s high of $2.1 billion, to today’s total of $600 million. Over 20% of trades came from the eastern markets, shared between KRW, JPY and CNY trades.
One of the largest investors in Bitcoin Cash, the mining giant Bitmain was recently reported to be laying off 50% of its staff by the end of the week. Speculation suggests the sinking of the BCH coin price and the continued shockwaves from the recent Bitcoin Cash hardfork are the underlying causes.
Cardano Price – ADA/USD
The Coinbase speculation that kept Cardano afloat during much of early December appears to have dissipated. By Christmas morning Cardano had lost over 20% of its value since the day before, falling from $0.049282 down to $0.039260.
Over 60% of daily trades came from USDT trades – a common sign across the board following December 24th’s spike which looked like it would continue into the 25th, but failed to do so.
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.