Cryptocurrenices like EOS and BNB are seeing sizable drops.
P. H. Madore
2 min read
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It’s no secret that the Bitcoin price is gaining and gaining, but other coins up near the top have seen corrections as a result. Some coins automatically increase in value if they’re mostly traded against BTC.
Crypto Markets Auto-Correcting?
If traders feel uncomfortable with these new values, they can trade these downwards, which is precisely what’s happened in at least the following five top altcoin markets: EOS, BNB, XRP, LTC, and BSV.
In this updated chart, Bitcoin SV and Litecoin trading reveal a significant pullback during the ongoing bull rally. | Source: CoinMarketCap
Hardest hit were Binance and Bitcoin SV, though likely for very different reasons.
Binance Coin may have been pushed further than it wanted to go by other markets, leading it to claw back a little.
The recent resurgence in Bitcoin SV markets remains unexplained. Bitcoin SV was kicked off several major exchanges in recent times.
That Bitcoin SV sees a moderate 14% correction isn’t surprising at all. It’d be surprising if it somehow came out stronger percentage-wise than others.
Bitcoin SV and Binance Coin
Holding steadily above $200 still gives it room to falter. People have been just fine with it well below $100. Whether it gets there again or not remains to be seen.
One question is how much of the dumping is going into Bitcoin? Is that why Litecoin’s diving, as people secure gains into BTC? Or is something else going on?
Is Bitcoin just in the highest overall demand, which depresses the price of other cryptos as sell-offs are triggered on the way up?
That scenario wouldn’t seem unlikely.
Where’s all the BNB upward pressure going? Are projects funding with it cashing it out, depressing the price? What’s the upside of Binance going forward – what are they going to offer that they haven’t already?
As for EOS, much like other blockchains, it’s still waiting on a killer dapp. Perhaps once it has one, you can expect prices much higher than this even. What will that look like? Who knows. EOS already sees a lot of use, along with Tron, compared to Ethereum.
Ethereum, on the other hand, saw gains, pushing past the $330 mark.
Bitcoin Cash, likewise, held fast, pushing toward the $500 marker at press time. Satoshi Vision is currently worth less than half what Bitcoin Cash is worth, and that’s an important metric to keep track of.
Bitcoin Cash and Bitcoin SV were the same chain not so very long ago, until a fork born mainly of philosophical differences.
Anyway you look at it, everything is gaining. It’s a matter of how you measure it.