Market Update 5.29.18 – ETH Price Drop Because Of EOS Sell-off
Market News
ETH Price Drop Because Of EOS Sell-off
According to the tech site TrustNodes, the drop in Ethereum’s price can be attributed to a large sale of ETH on cryptocurrency exchange Bitfinex. This sale, they assume, was made by EOS.
TrustNodes had earlier reported that EOS had spent around $950 million worth of ETH over the last 30 days. This information was arrived at by a third party analysis of cryptocurrency data feed by Santiment. On May 28, about 180,000 ETH was sold within one hour of Bitfinex. The normal average sale per hour for ETH is about 20,000.
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Industry Leaders Poll Winners Announced at BlockShow
BlockShow Europe 2018 announced the winners for its poll on industry leaders. This poll was conducted using the Blockchain voting app called Polys. Supports from across the world were given the opportunity to vote for the women and companies they felt had made the biggest impact in the European Blockchain space. The shortlist contained 15 nominees for each category and more than 2000 votes were cast in each sphere.
Dr. Quy Vo-Reinhard, the Chief Data Officer as well as co-founder of the HIT Foundation was declared the most influential woman in the Blockchain space. Bitfury, one of the biggest global providers of infrastructure in the crypto space, was announced as the winner in the “game-changing EU Blockchain company” category.
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Developers May Re-architect Lightening Network Tech
The Bitcoin Lightening Network has only just begun to conduct transactions over the Blockchain, but its developers are looking at re-architecting the technology. The reason for this is that despite the fact that this tech is supposed to significantly increase Bitcoin’s capacity, the network itself uses up a lot of data storage. This makes the tech difficult to load as well as run.
Thus, lightening technology developers, “Laolu” Osuntokun (co-founder of Lightening Labs), Christian Decker and Rusty Russell (from Blockstream) have now published a new proposal, one that offers a simplified method (called “eltoo”) of making off-the-chain transactions. This change isn’t only about reducing the amount of data that needs to be stored, it is also about increasing the safety of users’ cryptocurrencies.
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Total Market Cap: May 29
Trading volume inched up ever so slightly to $15.89 billion in the last 24 hours. The crypto market’s capitalization has dropped even further to $303.37 billion.
Bitcoin Price Analysis: May 29
Bitcoin fell 2.87% to a price of $7110.12 since yesterday. Trading volume is $4.86 billion and market cap fell to $121.12 billion.
Ethereum Price Analysis: May 29
Ethereum fell 1.68% to $521.22 since yesterday. Trading volume for ETH is $2.28 billion and market value is $52.06 billion.
State of the Top 10 Cryptocurrencies: May 29
There seems to be no sign of the fall in cryptocurrency prices stopping. Today again, all top ten cryptos were down, with the biggest losers being TRON, which lost another 10.48%, followed by EOS, which dropped by 9.15% since yesterday.
- Bitcoin fell 2.87% to a token price of $7110.12. Its market value is $121.12 billion.
- Ethereum fell 1.68% to a token price of $521.22. Its market value is $52.06 billion.
- Ripple fell 5.14% to a token price of $0.552191. Its market value is $21.64 billion.
- Bitcoin Cash fell 5.5% to a token price of $880.89. Its market value is $15.11 billion.
- EOS fell 9.15% to a token price of $11.02. Its market value is $9.78 billion.
- Litecoin fell 1.82% to a token price of $111.68. Its market value is $6.33 billion.
- Stellar fell 6.25% to a token price of $0.249794. Its market value is $4.64 billion.
- Cardano fell 2.13% to a token price of $0.1783. Its market value is $4.62 billion.
- TRON fell 10.48% to a token price of $0.057587. Its market value is $3.78 billion.
- IOTA rose 4.92% to a token price of $1.35. Its market value is $3.75 billion.