The market is still caught up in the whirlpool of negative market trends, even though we can see occasional rebounds.
On January 17th, EOS (EOS) appears to be one of the rare cryptocurrencies showing positive returns on the weekly chart, scoring almost 4% in the course of the last seven days with the latest change in the market.
The rest of the top 20 trading cryptocurrencies appear to be going down in the period of the last seven days, although it seems that some cryptos, like EOS, are showing a bullish return in the last 24 hours as January 17th is closely coming to an end.
One of such cryptos is Binance Coin (BNB), progressing by over 7% in the last seven days, now ranked as the 13th-largest crypto by market capitalization.
In the meanwhile, EOS is rising by nearly 3% in the last 24 hours, additionally getting a listing on DAX, a Gibraltar-based cryptocurrency exchange.
EOS (EOS) Showing Resistance Against the Bear Trends
Although EOS has been most recently added to another exchange platform, this time being added alongside Ripple’s XRP to DEX exchange, it doesn’t seem that the mentioned listing is driving the increasing demand for EOS in the last seven days.
XRP, for instance although it shares the good news with EOS, is still showing negative returns on weekly and daily charts, unlike EOS, so it is presumed that EOS is spiking against the fiat as a consequence of hosting some of the most popular decentralized applications in the market.
EOS decentralized applications have been leading in number of users for quite some time now, where the majority of the most popular Dapps are related to gambling.
EOS suffered a major blow alongside the rest of its crypto peers during 2018, where the crypto lost over -89% of its value since making it to its all-time high of 22$ back in April 2018, also losing -78% of its value on its YTD charts.
Despite the disappointing performance in 2018 after April in case of EOS, the crypto managed to stay among the top five trading cryptocurrencies, although it plummeted during November dips, briefly losing its spot of the 5th largest crypto to Stellar Lumens (XLM).
The Market Appears to Be Going Sideways
It isn’t hard to conclude that the market has been going sideways for quite some time, especially after the major dip that took place in mid-November 2018 when the cryptocurrency market went down by -50% in the matter of only several weeks.
EOS is now the first to be showing signs of going upwards as January 17th is slowly switching to the next day.
The rest of the market appears to be following as now almost all top 20 trading cryptocurrencies are showing the average of 2% of gains in the course of the last 24 hours, piling up on hourly rises.
EOS went below 3$ in one of the most recent price cuts, while Bitcoin for example is currently set on 3,600$.
Image Credits: AltNewsCoin
