Today November 25, 2018 was another bad day for crypto valuations. Bitcoin is down 10%, and most altcoins are down 15% or more. One thing I’ve noticed is that EOS has fallen less than it’s competitors, and has moved up from number 5 to number 4 on Coinmarketcap.
At the time of writing this, the lead that EOS has over Bitcoin Cash remains small with a margin of only a few million dollars in market cap, so it may may not last and the two coins may swap many times.
One reason EOS may be falling less than others is based on usage. According to Blocktivity EOS averaged 5,121,993 transactions over the past 24 hours, compared to Bitcoin Cash with 587,834 transactions over the same period. This is almost a 10 times higher usage rate. EOS has free fees once you own and are staking some EOS. Bitcoin and all it’s forks like Bitcoin Cash do have transaction fees which increase as network activity increases.
Overall the trend for Bitcoin Cash remains more negative than most alt coins, possibly because of being out of favor with many who view the recent Bitcoin Cash fork and the recent crash which began on the same day.
Last week there was another change in the order of coins on Coinmarketcap when XRP overtook Ethereum. XRP has since extended it’s lead of 14.1 billoin market cap over Ethereum with it’s market cap of 11.4 billion.
One final note is that traditional coins that rely on ‘proof of work’ have been dropping faster than the newer generation coins which are based on ‘proof of stake’ and ‘delegated proof of stake’. After a long period of stability in the ranks of coins based on market cap, the recent turmoil is definitely shaking up the rankings more rapidly than we have seen over the past year.