Cryptocurrency Market fell to $ 241 billion. Cryptocurrency Market takes another beating

  • June 24, 2018

From 260 billion United States dollars to 241 billion dollars. Price of the cryptocurrency market in the last 24 hours has decreased by more than 19 billion USA dollars , since the main cryptoconversions, including bitcoin, Ethereum, Ripple, Bitcoin Cash and EOS, fell to a large margin.

During the third day in a row, EOS, the delegated network of evidence (PoS), based on the Blockchain Ethereum protocol, recorded the largest loss among major cryptocurrencies. On June 24, EOS recorded a loss of 13 percent, while BTC, ETH, XRP and BCH fell by 3.5 percent, 4.6 percent, 5.8 percent and 8.5 percent, respectively.

Why EOS Fell?

The decline in EOS prices may be due to a wide range of factors, but in summing up the reasons for the main EOS decline can be reduced to two main components:

Anomalously large rallies before and after the launch of the network

Recent disputes over the constitution and centralization of the EOS

Yesterday CCN reported that Professor Cornell Emin Peer Sier and pioneer of smart contracts Nick Szabo criticized EOS for their mistakes and characteristics that indicate the centralization of the network.

In particular, Sabo criticized the ability of EOS to suspend user accounts, confiscate funds and auction accounts if user accounts remain inactive for long periods of time. Sabo said:

"In EOS, a few completely unfamiliar people can freeze what, according to users, was their money. According to the EOS protocol, you must trust a "constitutional" organization consisting of people you probably never will know. "The EOS Constitution" is socially unprotected and a security hole. "

EOS disputes intensified when EOS suspended 27 accounts for no reason. In the document entitled "Emergency Protection Measure (ECAF)", with an anomalous authoritarian wording, the EOS team stated: "It is hereby ordered that EOS block manufacturers refuse to process transactions for the following accounts and keys for an indefinite period", because 27 accounts did not process transactions for extended periods of time.

Before the launch of the EOS network in early June, the price of EOS increased from 6 to 23.1 US dollars more than 285 percent. Suddenly, a large increase in the cost of EOS led to an increase in the fall of EOS and, ultimately, led to the fact that the crypto currency recorded a greater loss than other major cryptoconversions.

Last month, the price of EOS fell from 15.5 to 7 dollars, by 55 percent within 30 days. Since the price movement of most crypto and tokens depends mainly on bitcoin and Ethereum, it is likely that EOS and other tokens will continue to fall in the coming days.

The relative strength index (RSI) of the EOS remains at the level of 27.8, demonstrating the oversoldness for EOS. But in conditions of a strong downtrend, the oversold conditions shown by RSI are insufficient to prevent the fall in the value of the crypto currency.

Even well performing crypto-currency and tokens fall in large fields

During April and May, tokens such as Ontology, ICON, and 0x were superior to bitcoin, Ethereum and almost all major cryptothermies on the market. However, despite the downward trend of BTC and ETH, even these tokens, which recorded a profit of 50 to 100 percent over the past two to three months, fell with a big profit.

If  BTC falls to lower boundary of the region at $ 5,000, it is expected that these tokens will continue to decline, increasing compared to BTC and ETH.