Egretia (EGT) Deepens Crash, May Abandon Top 50
Egretia (EGT) was yet another exception among altcoins, but the rise against the market led to a deep and sudden crash.
Altcoins remain extremely risky in 2019, and Egretia (EGT) was no exception. A newly arrived asset that climbed quickly in valuation, EGT is still in the top 50 of coins and tokens.
But EGT is deepening its crash, sliding more than 23% on Tuesday, to trade around $0.029. The asset lost more than 70% of its value within the past month, pressured by the latest sell-offs in altcoins. But the past few days deepened the decline.
The Egretia project got a boost from Huobi Fast Track, a program that sold tokens and immediately listed them for trading. But the increased liquidity led to sell-offs and more volatile price movements. Huobi Global quickly took over around 16% of all EGT trading, while the bulk of activity is still concentrated on OKEx.
One of the reasons for the EGT ascent was its relative independence of Bitcoin (BTC) prices. The most active EGT pairings are with Ethereum (ETH) and Tether (USDT). This helped traders boost prices, despite the growing influence of BTC. EGT was not immediately sold for BTC and managed higher returns.
EGT is still up more than 300% in 2019, mostly due to the extremely low starting price. But the asset is now sinking on a mix of diminishing enthusiasm and the increasing price of BTC relative to ETH and other altcoins.
Egretia is a project aiming to build a platform for the creation of HTML5 games, additionally powered by a blockchain. The release of the platform was expected by the end of the second quarter in 2019. Now, Egretia is headed for the launch of a new game, Football King.
The Egretia business model is to hold pre-sales for in-game content, including an integrated lottery and in-game collectibles.
But at this point, EGT remains mostly a speculative token, which lined up among the biggest losers with a large daily crash. EGT is yet another example that the fate of altcoins in 2019 was brutal, despite short-term climbing trends.
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.