Today, the cryptocurrency market delivered a middling performance and didn’t show momentum in any particular direction. 46 of the top 100 cryptocurrencies recorded gains, and the total market cap is up by a miniscule 0.2% in the last 24 hours.
The top 10 coins that have recorded a positive day did not move by much, while EOS and Bitcoin Cash saw noticeable declines. Both coins continued a substantial negative trend, as their 7-day performances are at -21 and -19 percent, respectively. This is even more striking if we consider that other coins in the crypto top 10 are sitting at similar levels to where they were a week ago.
We can only speculate about what is causing the two coins to perform so poorly, but there are some factors that can be pointed out. For Bitcoin Cash, the controversial November 15 hard fork certainly didn’t do much to inspire confidence in the coin. On the EOS side, Dan Larimer, probably the most important developer of the EOS protocol, has expressed ideas about creating another new cryptocurrency, which might be leading some EOS holders to believe he is planning to move away from EOS.
After hitting a daily low of $3,850, Bitcoin recovered above $4,000 before slightly retracing back. Trading volume fluctuated in a tight range between $3.2 and $3.6 billion, as the unexciting price action failed to attract a larger amount of traders. Bitcoin dominance is currently sitting at 54%.
Some cryptocurrencies did produce rallies, and WAVES was the most impressive by a solid margin. The project has released a new feature-packed mobile app which also includes a fiat gateway.
BNB was also among the better performers after Binance revealed that Binance Chain, a blockchain platform that will enable issuance of tokens and decentralized trading, will be ready “in the coming months”. While more details are unavailable, Binance has previously stated that the BNB token will be playing a role on the new blockchain.