It is anything but surprising some of the top cryptocurrencies are now losing value at an alarming rate. After three days of bullish momentum, a correction seems more than warranted first and foremost. For EOS, those sweet gains generated earlier in the week are now being eroded slowly but surely. How low the price will go, is a different matter altogether.
EOS Price Correction is Warranted
All cryptocurrencies will go through their own corrections in the coming hours and days. It is evident the current gains could not be sustained indefinitely, especially not with how crazy some markets have gotten in the process. EOS Is just one example of a coin generating a near 40% gain in three days, which ultimately warrants some of those gains being turned into losses when investors come to their senses once again.
Over the past 24 hours, there is now a net EOS price loss of 2.7%. This brings the EOS value down to $2.65, although it may end up going a bit lower than this level over the coming hours. There is also an EOS/BTC deficit of nearly 7%, which is not entirely abnormal. When the momentum is bullish, altcoins hardly ever gain on Bitcoin. If the momentum sours, that situation often remains the exact same, for some unknown reason.
On social media, there are some interesting developments pertaining to EOS. More specifically, EOS New York is in favor of a recalibration event to focus the efforts on EOS governance. This would include repositioning the developer and value creator back to the center of conversation, rather than turn it into an addendum. A very interesting approach that can help shape the future of EOS as a whole.
We believe that a recalibration event should occur regarding where we focus our efforts as they pertain to EOS governance. We believe the community should reposition the developer, the value creator, back to the center of the conversation within EOS.https://t.co/GCVslXZgz0
— EOS New York (@eosnewyork) December 19, 2018
The big news is how EOS is getting its very first stablecoin. If there is one trend in the cryptocurrency throughout 2018 which has been well-documented, it is the launch of multiple stablecoins pegged to the US Dollar. It now seems EOS has the very same, in the form of CUSD. An interesting concept that can create more competition in the market altogether.
— EOS America (@EOSAmerica) December 20, 2018
There is also plenty of hype surrounding the EOSex platform, which aims to become a decentralized exchange for global digital assets. Although the current is going through an ICO, the community seemingly looks forward to seeing this platform launch and seeing it become successful. More and more projects are being built on top of EOS, which can only be considered to be a positive sign right now.
#EOSex is building a global one-stop trading platform for quality assets. They intend to provide a safe, fair, and transparent digital asset trading platform for the blockchain industry. https://t.co/JxFxykkoeQ #ICO #EOS #EOSEXCHANGE
— John 🛡️ (@bitcoin_army) December 20, 2018
When looking at the bigger picture, this brief EOS price correction can be quite beneficial. Considering how the value cannot continue to rise indefinitely, it is better to see small retraces along the way rather than the value getting dumped in the dirt again. As such, a potential drop to $2.5 would be quite good, as the overall ecosystem is still being developed. There is plenty of work to be done first and foremost, thus no one should expect any major price increases right now.
Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.