EOS pierces through $5 as crypto sell-off continues

Eren Sengezer FXStreet

EOS, six biggest cryptocurrency with regards to market capitalization, broke below the critical $5 mark and fell to its lowest level in three months at $4.46 on Thursday. Although there were no clear catalysts that might have triggered this drop, a heavy selling pressure surrounding all crypto assets led by Bitcoin seems to be impacting the EOS as well. As of writing, EOS/USD was down 12% on the day at $4.68.

With today's drop, EOS lost $700 million worth of its market cap, which now stands around $4 billion. The total market capitalization of all cryptocurrencies, meanwhile, fell below $200 billion for the first time since mid-September, according to the data available on CoinMarketCap.

Author

Eren Sengezer

FXStreet

As an economist at heart, Eren Sengezer specializes in the assessment of the short-term and long-term impacts of macroeconomic data, central bank policies and political developments on financial assets.

Ripple Price Forecast: XRP potential bottom could be in sight

Ripple edges up above the intraday low of $1.35 at the time of writing on Friday amid mixed price actions across the crypto market. The remittance token failed to hold support at $1.40 the previous day, reflecting risk-off sentiment amid a decline in retail and institutional sentiment.