EOS Becomes Quote Currency on HitBTC

EOS (EOS) will expand its influence within the crypto ecosystem as it becomes one of the quote currencies on HitBTC. This means the digital coin will be the basis for new pairs, raising both its own liquidity and that of niche assets.

https://twitter.com/hitbtc/status/1039897469704908801

While Bitcoin (BTC) remains the “settlement currency” with more than 33% of total trading volumes, some coins have also been active in forming pairs. Ethereum (ETH) is the most prominent, but Litecoin (LTC) and even DogeCoin (DOGE) also give liquidity to some assets.

HitBTC has a reputation for quickly adding up-and-coming assets. The exchange already has 783 pairs, predominantly against BTC, ETH, Tether (USDT), and, to a lesser extent, DAI. Volumes as of September 12 were above $275 million. HitBTC is a crypto-exclusive exchange, with dollar prices only quoted as a proxy measure.

Pairings with various crypto assets produce different valuations, and EOS is yet to show its effect as a settlement currency. It has remained relatively stable in the current market slide, standing at around $5 as of 9:45 UTC on Thursday. EOS volumes also consistently place it among the most actively traded coins, ranking fourth at present with 4.74% of total crypto market volumes.

EOS prices have retreated to the range last seen in March and April, unraveling from the short-term rally around the mainnet launch. Since then, EOS trading volumes have been relatively consistent, often going above $800 million in 24 hours.

The coin now predominantly trades on the DOBI Trade exchange, where more than 22% of volumes are concentrated. OKEx and Huobi are also important markets, and EOS has serious support from USDT trading - more than 47% of all EOS are traded back and forth with USDT. This also means EOS traders look more at dollar-denominated than Satoshi prices when seeking to determine market sentiment.

The effect of EOS would still be limited compared to that of ETH pairings. Nevertheless, building pairs with altcoins has helped some markets avoid the direct speculation of BTC against altcoins.

The EOS project continues to have its skeptics and detractors, who state that the project is too centralized and Block.one has too much control. However, the blockchain proved it is operational and already has distributed apps built on the distributed operating system. EOS is now fighting for users, as well as a better and cheaper user experience.

Neither the author nor the publication assumes any responsibility or liability for any investments, profits, or losses made as a result of this information. Cryptocurrency trading and investing are risky propositions, and market participants are advised to always conduct thorough research.