Ethereum [ETH] and EOS go under the knife, double digit fall stirs market

5th September saw a staggering bearish run that witnessed almost all coins falling at a double-digit rate, driving the entire market into a tizzy. The fall of Bitcoin [BTC] was a direct indicator of the fall, with the coin crashing at the rate of 3.10% and the price falling to $7089.87.

Major alternate coins like Ethereum, EOS, XRP and Bitcoin Cash were falling at stunning figures that flabbergasted experts and holders alike.

At the time of writing Ethereum [ETH] was falling at a rate of 10.73%. The coin was trading at $258.34 with a market cap of $26.290 billion. In a matter of just 30 minutes, the ETH token fell from $283.40 to $258.34. The market analysis shows that this crash across the cryptocurrency board is something out of the blue for the holders because just recently experts were pinning the cryptocurrencies to bask in a bullish run.

The majority of Ethereum’s trading was happening on Bitforex, which occupied 33.96% of the total volume. The 24-hour volume of Ethereum on Bitforex held at $1.058 billion which was miles ahead of Binance’s 24-hour volume of $104.268 million.

Ethereum was also in the news earlier when almost $134 million worth of ETH was moved today at a fee of just 29 cents providing Digix, an exchange, the perfect opportunity to liquidate almost $20 million worth of Ethereum.

The other cryptocurrency suffering from the slide was EOS, going under the knife with a fall of 10.26%. At the time of writing, EOS was trading at $5.83 with a market cap of $5.279 billion. The coin’s market volume of $860.580 million was distributed majorly among DOBI trade and HUOBI, two famous cryptocurrency exchanges.

The most surprising thing about the fall was the short time in which the fall occurred. In a matter of 40 minutes, the coin saw the 10% fall from $6.49 to $5.79.

Larrycrane, a Reddit user commented:

“All the reports about the coins going up sounds like shit now. The volatitlity iof the market shows that everything cannot be predicted by these stuck up wall street bigwigs. They need to realize that the power is still with the people and not some corporate level  suits. All hail the power of the market!”

Nexphone, a cryptocurrency enthusiast stated:

“WOWOWOW! This is some next level counter narrative shit! The market drop and rise should be a lesson to  all these ‘experts’. Anyway, was trump involved in this?”