Crypto Divergence: Over 55% Swing Between TRON and EOS in Last Week
There was a +55% swing between the growth rates of the major altcoins in the last week, as the trio of dips in November continue to leave the crypto market all shook up and out of lockstep.
TRON (TRX) and EOS (EOS) were pushed further apart this week, with TRX gaining +26% and EOS losing over 30% over the same trading period.
EOS Price – EOS/USD
Another new yearly low was recorded by EOS on Tuesday morning, as the coin price plunged even further to the $2.34 mark. From the weekly high of $3.37 that leaves EOS nursing over 30% losses over seven days, and we may be witnessing a freefall that won’t end until the coin is corrected to the same extent as the rest of the market.
When CTO Dan Larimer announced plans to set up his fourth crypto/blockchain project this week, it sent panic through the hearts of EOS investors who suddenly saw ‘Ethereum On Steroids’ threatening to go the same way as Bitshares (BTS) – a project which floundered once Larimer moved on to Steem (STEEM).
Another factor at play here is the apparent need for the crypto market to level itself out over time. EOS benefitted from an extended period of growth back in April – one which was out of step with the rest of the market.
If the fundamentals aren’t in place, then it seems like such value just disappears in times of trouble. A contrary example would be XRP, which regardless of your opinion on it, has managed to hold on to its recent gains probably thanks to its fundamental developments, such as institutional partnerships.
Since hitting a new low at 06:00 UTC Tuesday, the EOS price has rebounded up to the $2.53 range, marking an 8% recovery.
TRON Price – TRX/USD
TRON mainnet accounts grew to 700,000 in the last 163 days, according to a recent tweet by the TRON Foundation. This exemplifies the rapid rise of the TRX blockchain, and accompanied with the increased transaction volume, DApp use, and smart contract triggers, may explain why TRX has maintained its place near the top ten coins by market cap.
In the past week the value of TRX rose 26%, from a price of $0.011613 up to Tuesday’s $0.014655. By Tuesday morning TRX had fallen to $0.013537, but recovered 8.25% within the space of a few hours on its way back to $0.014655.
This week sees TRX being added to the MBAex exchange, as per this retweet from TRON founder and CEO, Justin Sun. In other related news, the TRON blockchain may see increased DApp activity in the coming months, thanks to the $1 million developer prize up for grabs via the TRON Accelerator program.
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.