It’s Invest Diva’s Kiana with News BTC and here is your cryptocurrency update. Another down day in the cryptocurrency market with the exception of to altcoins in top 20: EOS and VeChain. Let’s take a look at EOS today, the 8th largest crypto by market cap at the time of filming, trailing behind Bitcoin, Ethereum, Ripple, Bitcoin Cash, Cardano, Litecoin, and NEM. It’s price ended Monday’s New York trading session at $13.35, 3.80% up for the day, although the general intraday momentum still appeared bearish. EOS/USD lost most of its early Monday gains up to $15.14 by the end of the day. If the bearish momentum continues, we could see pullbacks towards the 38% and 50% Fibonacci retracement levels $11.73 and $9.59 respectively. On the other hand, resistance levels are at $14.39 and the all-time high of $18.68. EOS is a smart contracts platform similar to Ethereum, but with performance and scalability benefits. They call themselves “The Most Powerful Infrastructure for Decentralized Applications.” Obviously, this wouldn’t account for real fundamental insights. The vast majority of the EOS trading volume currently comes from South Korea’s Bithumb exchange. It generated almost 70% of Monday’s trades. Crypto miners are also at it with EOS. Any crypto miner can use shapesfit.io to transfer any mined coins or altcoins to EOS tokens. One fun fact about EOS is that it is not an officially defined acronym but there are some suggestions among the crypto crowd such as Ethereum On Steroids, End of Silence, and Endless Online Scaling. For now, it might be more appropriate to call it Endless Online Volatility though. Thanks for watching, invest responsibly, and I’ll see you with more updates tomorrow.
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