When Bitcoin (BTC) drops, other cryptocurrencies drop even more. But some assets erased more value, showing their relatively fragile market gains.
BTC Crash Triggered Downward Spiral for Altcoins
On Thursday, BTC prices flash-crashed by about 7%. BTC dipped as low as $9,400, before recovering to a new stabilized price range. But the market panic also affected the still-fragile rallies of altcoins. Some cryptocurrencies managed to keep their gains, while others saw a much deeper correction.
Among the worst-hit assets was EOS (EOS). This coin has shown some curious price moves, including a relatively steady rate while all other assets sank in previous sell-offs. EOS has sparked some doubts its price may be artificially supported. EOS sank again toward the $4 level, wiping out another 12% net on Friday. The asset is down 24.41% this week, becoming the biggest loser among the top 10 coins.
The EOS market price sank significantly despite the announcement of the Voice platform, utilizing blockchain technology for the first of a kind voice service. EOS is viewed with some skepticism, especially after its network was taken over by the EIDOS minting mechanism and its distributed apps showed signs of mostly bot activity driving the statistics.
Halving Cryptocurrencies Sink Lower
Ethereum Classic (ETC) also broke down, sinking by 26.93% on a weekly basis, and more than 10% on Friday. ETC returned to $8.65, after trading near $12 for a few days. ETC got a boost after December’s lows of around $3.70. The coin is among the few expecting a reward halving in 2020, which attracted some attention to the lagging asset. Yet the price rally quickly turned ETC into one of the biggest losers, as panic seized the market.
Dash (DASH) is the third biggest loser in the top 20 of coins. The asset sank 20.05% on a weekly basis, down to $104.05, once again threatening to go down to double-digits. DASH recovered from its lows under $50, and once again rose on the narrative of its halving happening in the fall of 2020.
However, the coin also returned to its usual volatile trading. DASH remains one of the more expensive altcoins, though it has moved away from the top due to its low supply and the inflow of new assets. Most altcoins erased around 15% of their value since last weekend, with the exception of Algorand (ALGO) trading up 5.78% to $0.38. Altcoins rose due to various factors, mostly bouncing off their lows, or responding to the positive BTC performance in early 2020.
What do you think about the altcoin crash? Share your thoughts in the comments section below!
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Ethereum Classic (ETC) had its best week in the last year, as investors took the coin into the top ten of cryptocurrencies by market cap. The event followed the recent hard fork titled Agharta, which includes features of the Ethereum (ETH) Constantinople fork.
Recently, Ethereum Classic [ETC] successfully executed its Atlantis hard fork, a hard fork which included about 10 Ethereum Improvement Proposals [EIPs] in order to enhance stability and performance.
In June, Ethereum Classic announced that the Atlantis hard fork was in its testing stage. Now, the hard fork is expected to take place between 11-13 September, when its block height reaches 8,772,000.
