As the negative momentum within the cryptocurrency industry reaches new heights, a lot of questions remain unanswered. The bearish pressure isn’t relenting and may not do so until well in 2019 or beyond. For the EOS price, this latest wave of pressure pushes its value down to $2.58, and the $2.5 level might not hold up for much longer.
EOS Price Downtrend Continues Unabated
It has not been a good year for EOS, nor will it be in the near future either. There are so many currencies losing value in quick succession this year yet EOS is slowly getting battered from all angles. As such, one has to wonder if and when the bleeding will ever end. After all, this current trend simply isn’t what people had hoped for, and there is no improvement in sight.
Over the past 24 hours, EOS lost another 12% in USD value and over 5% in BTC value. It is especially this latter aspect which triggers this USD-based slide. Bitcoin is losing value and dragging EOS with it in different ways. Moreover, the altcoin seemingly can’t generate enough support to mount a comeback in BTC value.
It is not hard to see why there is more negative pressure on EOS than anything else. Although there is positive news in the form of Blankos Block party, it may not be sufficient to keep things going. This game, which uses EOS technology under the hood, will be featured on the Gamers’ Choice Awards on Twitch. An interesting concept, albeit not one that can trigger a price increase.
We're excited to be featuring Blankos Block Party at the Gamers' Choice Awards Live Red Carpet today on #twitch. Tune in at 4:30pm PST on https://t.co/OItLgr8TT1 @twitch @gamerschoicetv pic.twitter.com/6jMLeLsHsh
— Blankos Block Party (@PlayBlankos) December 3, 2018
The bigger concern is how there are some potential issues with the EOS block producers and proxy voting. The current chart indicates only three of the main block producers are participating, whereas the rest seemingly doesn’t seem to bother. It is unclear what this all means exactly, although it is not necessarily the most promising sign by any means.
Out of the Current Top10 #BlockProducers on #EOS, only @cannon_eos, @eosnewyork, and @LiquidEOS are included on the #eosisraeleos #Voting #Proxy. We feel that we are missing a lot of BPs adding Tons of Value. Are we missing something? What do you think about the current chart? 🧐 pic.twitter.com/RoOCXqYNnx
— EOS Israel (@EOS_Israel) December 3, 2018
Furthermore, there are some questions regarding the current structure surrounding EOS block producers. As Ashe Oro point out, there are a lot of factors to take into consideration at all times. Cryptocurrencies are designed to be decentralized at all times, yet it seems EOS is not necessarily following that unwritten rule at this time.
A business model that is centered around ordering #EOS block producers to change keys and move funds is not scalable nor is it safe.
— Ashe Oro (@Ashe_Oro) December 3, 2018
Keeping all of this information in mind, it will be interesting to see what the future holds for EOS. Despite being met with a lot of enthusiasm and hype in late 2017, it seems investors have genuinely cooled off on this project altogether. That doesn’t mean the price won’t rise again, although a drop to $2.5 seems to a more plausible scenario at this time.
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