EOS (EOS) Boots Bitcoin Cash (BCH) from 4th Place in Crypto Ranking
EOS sees support from inflows of Ethereum (ETH), boosting the price with the EOS/ETH trading pair.
EOS (EOS) has returned to positions above $2.32, reclaiming the number four spot in terms of market capitalization. EOS is now in a tight “flippening” competition with Bitcoin Cash (BCH) as both coins have similar total market value.
BCH is fighting to stay ahead, its price relatively stagnant at around $115.73. The two coins picked up the pace in the past day, managing to push Tether (USDT) down to position six. This week, USDT spent some time at number four, leading to a pessimistic mood about the digital asset market, where the stablecoin keeps gaining influence.
EOS, however, is a special case, managing to stay firmly between $2 and $3 even during deep market sell-offs. One of the reasons is the significant inflows of funds through Ethereum (ETH). Based on Coinlib data on Thursday, the equivalent of $128.45 million of ETH flowed into EOS markets.
New exchanges Bibox and IDAX make up 13% of EOS trading volumes with the EOS/ETH pair. Bibox activity alone accounts for 10% of transactions involving the most active coupling in the entire market. This dependence on ETH is curious, especially since the mission of EOS is to displace ETH, both in terms of technology and possibly market presence.
EOS is picking up pace with betting apps, but the number of projects is still a few times smaller than the total number of Ethereum distributed apps. TRON (TRX) also competes with EOS and offers a similar technology.
As for BCH, its price continued to stagnate. The asset no longer competes with Bitcoin SV (BSV) and remains virtually unchanged while attempting to increase adoption. BCH receives much smaller daily inflows compared to EOS as the asset has lost some of the initial hype and appeal.
“Flippening” events are not rare as top digital assets still manage short-term rallies or see renewed interest.