Market report

EOS IS BACK. ARE ALTS BACK?

London Block Exchange

12th April 2018

A popular blockchain project is rising again. How long will the green last?

EOS IS BACK. ARE ALTS BACK?

A popular blockchain project is rising again. How long will the green last? The cryptoassets market is back in the green, with the combined market cap of the space rising 4.5% over the past day. The top projects appreciated 6%, while bitcoin remained stuck below £5k ($7k). However, it seems most alts may continue their retracement soon.

The current optimism might last for a couple of weeks — until it’s halted, as traders become confident just when they should be worrying about managing their risk. Nevertheless, let’s look at one of yesterday’s top performers — EOS, which rose by 43%.

EOS is a smart contracts platform that is undergoing development as well as an ICO fundraising process since last June. It has raised over £1.9 billion ($2.7 billion) since, 50% more than Telegram’s ambitious ICO. Here’s the best analysis on what caused the rise.

BEARISH ON THE BEAR MOMENTUM?

For how long can the bears short the market? As long as panic lasts.

The bearish path being painted the past few months may look daunting. Yet, the declining trading volume compared to the increasing number of short positions signals decreasing selling momentum for the cryptoasset that sets the tone for this space.

However bullish this might seem, it’s important to note that the exact same trend occurred during last January’s dead cat bounce. Some claim the alt season that followed bitcoin’s price drop in December was responsible for it. Will the same thing happen now?

The current price consolidation implies that bitcoin buyers are still afraid but are willing to risk getting on the next alternative cryptoasset pump. As bears are overpowering the bulls, in the case a large player starts selling bitcoin, a cascading sell-off may occur.

WHAT TO LOOK OUT FOR

Filter the noise and stay ahead of the pack

WHAT TO READ TODAY

  • eos
  • telegram
  • ico
  • bulls and bears
  • dead cat bounce
  • jamie dimon
  • JP Morgan
  • bitmex
  • bitcoin
  • unchained