Crypto Weekly
Bloody Monday, if there is a word to describe how the market performed this past few days then bloody Monday fits exactly into this.
Hi and welcome to another lovely week with Crypto Weekly and as usual, we are going to look into the crypto market and how it performed over the week with reference to BTC, ETH, and EOS.
BTC
With so many uncertainties flooding the market, the slight correction many prayed for finally came through and it seems many were not prepared for it.
BTC has been on a steady increase in price movement for a while after attaining a new ATH at $41940 and while the entire atmosphere was simply joyous, the unending worries still loomed in, not knowing when the correction would come in or when the rally ends, this has kept many on their toes and also many scared of getting into the market to avoid buying the top and maybe hold for years to come before finally hitting their entry point once again.
The correction did come but not as hard as previous years and the mindset of further dump coming in still fills the atmosphere.
While we await the new year festive season, traders are beginning to jump into stable coins to mitigate their losses and others are simply scraping with every little price movement both ups and downs.
That said, unlike previous years where BTC was simply controlled by few hands, 2020 brought several changes to this and multiple investors are jumping into this train and the scenario of dumping like previous years might not necessarily be the case from now on but as usual, BTC and other altcoins are highly volatile in terms of market structure and the unpredictable can happen any time.
ETH
We did achieve an ATH and more but things soon took a turn after the recent retracement of BTC price and it simply shows the entire market moves with BTC except in rare cases.
Currently trading at $1092, ETH was able to hit a new ATH over the week after hitting a price mark of $1338, it took 3 years to beat its previous ATH, and also, it feels there is more room for higher price action.
Just like BTC, ETH is currently one of the most performing coins available with a good team backing it up and also multiple-use cases but steadily becoming more of a drag as more time is needed and higher transaction fees are paid to complete transactions.
Promises of better and a quality blockchain have been made and while still in the earliest phase of 2.0 multiple platforms are currently making use of its stake feature and one of such platform is TokenPocket.
After launching its flexible stake feature weeks back, TokenPocket recorded its second week of performance and the numbers are looking great.
To read more about TokenPocket flexible stake feature on the ETH blockchain go here https://link.medium.com/FyB1XE7fZcb
EOS
What started has a great week later turned out to be a memorable and also unexpected occurrence which led to EOS diving from a new price action after months of its stable rate from $3.84 to $2.67 where it currently trades.
The CTO of block.one Dan Larimer was the center of discussion as an official post was made via his Voice handle of his resignation.
This was officially posted via his voice handle which can be read here https://www.voice.com/post/@dan/resignation-as-cto-of-blockone-1610285996-1071500676 hours after the news, a massive drop in the price of EOS was observed, the dump was further ushered by BTC retracement or correction as many calls it and many are left to wonder what is the faith of EOS?
Does it still have the ability and powerhouse to fight alongside top blockchains or its glorious days is gradually coming to an end?
What are your thoughts about this, do leave a comment or two behind.
