Markets Update – EOS Dominates Crypto Exchanges
Early and Mid May has seen the cryptocurrency market undergo a significant bearish trend to finally rally this week. The incurred losses of this downward trend equate to a total of $27 billion between major cryptos and Altcoins.
Even with the rally still on the horizon, cryptos enjoyed strong trading. With Bitcoin remaining the single most traded amongst them, followed swiftly by Ethereum and Tether.
And over the past year, one of the underdogs turned major contender has been EOS, which has accumulated value of over $6bn thanks to its year-long token crowd sale, and a $1bn war chest for taking on its rivals.
To say that trading and investment in the cryptocurrency world was febrile is an understatement. Traders were responsible for an incredibly strong month for cryptos, with over $185 billion being traded across the range of coins.
Bitcoins brightest day was definitely the 3rd, which saw over $10.2 billion change hands between traders. Despite this high volume of trading, cryptos like Bitcoin were unable to push beyond the resistance of their upper values.
May 26th, on the other hand, saw the weakest day of trading with only $4.05 billion being traded for bitcoin. This trading happened while the BTC fell below its lower resistance point of $7,500.
Rivals Ethereum and Tether made up a highly competitive duo of rivals trading just behind Bitcoin with a combined trading volume of $169 billion. Tether was the definite silver medallist in May with over $93 billion being exchanged for the tokens.
The USDT, Tether's iconic token saw trading activity highs and lows of $1.8 to 4.75 billion across the month. May's early weeks saw the highest level of trading before the bearish trend took it to lower quantities. Moving from 3.2-4.75bn daily to lows of 1.3-3.5bn in the later days of the month.
Ethereum slipped to third place behind Tether, trading at $76 billion across May. Trading remained stable for it compared to its counterparts; fluctuating between 1.7 to 4.3 billion dollars. With some of its strongest trading on May 3rd ($4.3 billion) and its weakest on the 26th ($1.7 billion).
EOS has encountered an exceptionally yo-yo-ing month with May. Seeing its value on a steady decline from its initial $20 value in trading, to shed over 40% of its value through the month.
It's not all bad news for the crypto, however, as the token managed to maintain its position as the fourth most traded currency by the sheer token volume on the market. Overall, EOS enjoyed a 30-day market trading volume of over $47.5 billion.
By volume on major cryptocurrency exchanges like Binance and Okex, EOS was the second and sixth most traded token by volume. It also performed strongly by this statistic on exchanges like Huobi, Upbit and Bithumb.
By these same rankings, Bitcoin Cash had a strong month as the fifth most traded cryptocurrency. But has suffered under the same bearish trend as others, which took the much-enjoyed wind out of its sails from March and April. Over May, BCH had over $28 billion worth of active trading including highs and lows of $500 million to $2 billion.
Below these rankings, altcoins were in ferocious competition, with Tron beating Ripple with a total volume of trade at $14 billion for Tron versus Ripple's $13.7. Litecoin sits as the seventh most traded with $11.9 billion over the course of the month. Followed by Ethereum Classic ($6.5 billion) and True Chain ($6.1 billion).
To summarize, the 24 hour rankings according to volume:
- Bitcoin – 30% of trading
- Tether – 15.5%
- Ethereum – 13%
- EOS – 8.5%
- Bitcoin Cash – 3.75%
- Tron – 2.6%
- Ripple – 2.10%
- Litecoin – 1.9%