Tuesday, July 23, 2024

    Asian Cryptocurrency Trading Roundup: Regional Exchanges Dominate EOS Trade

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    FOMO Moments

    There has been a slight market rebound today which is expected after three days of heavy losses. Yesterday’s news on US lawmakers investigating price manipulation is a good thing for overall market sentiment. Bitcoin however has failed to rally along with many of the other cryptos indicating that the bears could still be lurking. BTC has not gained anything on the day and is still trading at around $7,600 where it was this time yesterday. The altcoins are generally showing signs of a marginal recovery, one coming back stronger than the rest at the moment is EOS.

    According to Coinmarketcap EOS is the only coin in the top 25 that is in double figure green territory. It is up 11% on the day trading at $12.5 from $11.2 this time yesterday. EOS was trading at exactly the same level this time last Friday after a weekly high to just under $13. Over the month the fifth most popular altcoin has lost around 17% from $15 this time last month. Against Bitcoin, which has failed to show any gains in the past 24 hours, EOS is up 12% to 164500 satoshis from 147000 sats this time yesterday. Weekly gains on BTC are around 5.8% from 156000 sats this time last Friday.

    EOS is approaching its mainnet launch on June 1 which will effectively split it off the Ethereum network. Current ERC20 EOS tokens will no longer be valid and it will run on its own blockchain when developers start launching them on the platform. Mainnet launches are usual positive for market sentiment, Tron has also performed well as it approaches mainnet launch on May 31.

    South Korea is dominating trade at the moment with local currency (KRW) transactions on Bithumb and Upbit taking 36% of the total volume. Two other major Asian exchanges, Huobi and OKEx, have almost 25% of the volume in USDT so Bitcoin is no longer the trade of choice. Volume for EOS has climbed from $1.6 to $2.2 billion over the past 24 hours, it is still comfortably 5th with a market cap of just under $11 billion.

    Markets have bounced back a little this morning in Asia with total capitalization climbing 1.8% to $340 billion. Trade volume has been steady for the period at around $20 billion. The rest of the altcoins are a mixed bag with some clawing back minor losses and others falling further. Those looking strong during Asian trading at the moment are 0x and Bitcoin Private.

    More on EOS can be found here: https://eos.io/

    FOMO Moments is a section that takes a daily look at the top 25 altcoins during the Asian trading session and analyses the best performing one, looking for trends and possible fundamentals.

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