With the continuing price dips across major cryptocurrency shakers and movers, the ripple effects are far reaching and altcoins are also getting the firework sparks. The anticipated recovery has been complicated by the recent Coinrail hack that has eroded the investor confidence in the market further.
The entire market appears to be headed for another all time low after shedding over 20billion in market cap to stand at $284billion. Cardano (ADA), EOS (EOS) and ZCash (ZEC) have not been spared and are already on the red and might stay on the downside for the better part of the week.
Cardano (ADA) Price Analysis
Cardano (ADA) has been struggling to recover despite its continuing campaigns to reach out to the virgin and emerging crypto-markets. In the last 24 hours, ADA has lost 7.88% to the USD and at the time of writing the coin was trading at $0.164 after hitting a 24 hour low of $0.159 and a high of %0.177.
The last 7 days have not been a walk in the part for a coin that is growing in popularity across the globe. The coin hit a high of $0.219 and a low of $0.159 which reflects squarely on what the market is experiencing at the moment. There is a lot of investor confidence waiting on the sidelines to see what direction the market takes.
Cardano (ADA) partnerships with institutions seem to have been hit badly since institutions are still holding on to their capital expecting the market to get back on its feet. This however might take some time until major coins like Bitcoin and Ethereum bleeding is remedied.
EOS (EOS) Price Analysis
With the stalling of EOS MainNet launch after few investors showed their willingness to stake on the EOS tokens. The future traction of the price might become a mirage as the entire market remains in the red. At the time of writing, only 32% had voted making the number too low to activate the MainNet making the short-term future bleak for the platform.
EOS (EOS) is currently transitioning to their overly anticipated Main Net and this was expected to have an impact of the EOS token price. Exchanges and investors are anxiously waiting for the launch and get back to active trading. EOS is trading at $10.21 and has dropped by 9.47% against the dollar and 5.56% and 2.29 to BTC and ETH respectively in the last 24 hours.
EOS has dropped by 39.62% in the last 7 days after hitting a high of $14.97 and a low of $9.59 during the same period. The uncertainty of the EOS prices appears to have been affected by the build up to the MainNet events and a recovery is in the offing.
ZCash (ZEC) price Analysis
At the time of writing ZCash (ZEC) was trading at $197.34 represent a 5.40% against the dollar and holding on strongly against BTC after shedding of 1.04% in the last 24 hours. However, the last seven days the coin hit a high of $242.39 before plummeting to the weeks low of $189.42.
ZEC is among the few coins that have shown positive signs of recovery and the price shift is headed for a breakout before the last quarter of 2018. Many exchanges are listing the coin and this is a good sign that it is attracting a lot of attention from the market.
The market recovery is poised to take longer as there are no visible signs of a break out forming and Cardano (ADA)m EOS (EOS) ns ZCash (ZEC) turnaround will be dictated by the performance on big coins like Bitcoin. The last two weeks saw Bitcoin trade on the green but has since plummeted below the $6,000 mark losing 4.24% against the USD in less than 24 hours sending the ripple effect across the entire market.