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EOS price is down 21% since the beginning of September, here’s why

The price of EOS has weakened from $3.47 below $2.50 in less than two weeks and the current price stands around $2.75. The main reason for this is a low transaction volume and the fact that EOS investors faced trust issues.

Fundamental analysis: There’s still a level of uncertainty

The price of EOS has been moving in a downtrend last several weeks and for now, there is no signal of the trend reversal. EOS is constantly adding new clients but there’s still a level of uncertainty surrounding the project. EOS investors faced trust issues since the U.S. Securities and Exchange Commission (SEC) slapped a $24 million penalty to (EOS’s parent company).

The reason for this was an unregistered initial coin offering and the investors started to have doubts over the project’s long-term viability. Transaction volumes have become smaller and analysts found out that people use EOS for placing small bets instead for value-transfer purposes. It is also important to mention that the price of EOS is correlated with the price of Bitcoin and investors in this cryptocurrency should also have Bitcoin on their “watch list”.

Before two weeks, Bitcoin weakened below the important $10,000 level for the first time since late July. This certainly had a negative influence on the price of EOS and since then, EOS is not able to recover above the $3 resistance level. Another important reason why this cryptocurrency has weakened in September is the fact that investors believe that there are lots of other cryptocurrencies with bigger potential and with less risk.

On the other side, some analysts say that this cryptocurrency has a positive long term outlook because EOS could replace Ethereum as the dominant smart contract platform.

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currensceneFLOGO WHTsquareThough not the oldest form of currency, some form of shell money appears to have been found on almost every continent. The shell most widely used worldwide as currency was the shell of Cypraea moneta, the money cowry.

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