EOS and XRP maintains a positive price movement amidst Bithumb hack

The cryptocurrency market may soon experience another bubble. Some experts anticipate this before the market stabilizes, while other analysts claim it has settled and could be positively influenced by the active development of products that enhance cryptocurrency use cases.

Currently, the adoption of cryptocurrency is on a positive trajectory. However, the number of active traders is decreasing, as many seem to be holding onto their assets.

The price of XRP and EOS are moving in opposite directions. XRP is experiencing a minimal yet stable price increase, whereas EOS has remained at a bearish level for some time. Despite the promising and rapidly growing use case offered by EOS, it hasn’t yet impacted its price movement.

The high vulnerability of the EOS Blockchain may have impacted its price. Numerous major setbacks have been recorded with its usage. Many users have complained about its poor user-friendliness. Moreover, the transaction-reversing feature has helped mitigate hacks.

However, this feature also implies that the EOS Blockchain is not truly decentralized. Despite this, its adoption has been significant. In the recent Bithumb hack in May, EOS and XRP were the two cryptocurrencies affected.

EOS experienced an 11.45% sharp drop in price against Bitcoin a few hours after the news broke. In contrast, XRP’s price remained relatively stable. While XRP gained 0.55% in USD value, it lost 0.05% against Bitcoin. Currently, XRP’s price appears stable at $0.30.

EOS has a total market cap of $4,126,251,897 and a daily trading volume of $2,735,279,072. Meanwhile, XRP boasts a higher total market cap of $13,724,796,558 but a lower daily trading volume of $1,459,156,919. Despite XRP’s larger market cap, its daily trading volume is less than that of EOS.

XRP is losing 6.35% against Bitcoin while gaining 5.5% against the USD. Conversely, EOS is losing 4.28% against Bitcoin and gaining 8.5% against the USD. This suggests that EOS has a stronger daily trading volume compared to XRP.

The EOS downtrend has persisted for quite some time. In contrast, XRP shows better price statistics compared to EOS. However, there is no guarantee that the prices of either cryptocurrency will increase soon. Bitcoin, the base cryptocurrency, has been on firmer ground with a strong uptrend throughout the week.

The Bithumb hack didn’t significantly impact the price momentum of either cryptocurrency, as prices rebounded just hours after the sharp drop. In the long run, EOS may or may not become less preferred than XRP. Despite the cryptocurrency community often criticizing XRP for its centralized blockchain, authorities have adopted it more widely than EOS. On the other hand, EOS has a better adoption rate among community users compared to XRP.

Disclaimer: This is not trading or investment advice. The article above is for entertainment and educational purposes only. Please conduct your own research before purchasing or investing in any cryptocurrency.