The notorious coronavirus has not only taken thousands of lives across the world but also had a devastating effect on the global economy in general, and the cryptocurrency industry in particular. So much so that the jubilation over what seemed to be like the beginning of the Bitcoin bull market, along with the altseason, is beginning to die down as the market is tanking across the board, eating up all precious gains that were made over the past two months.
For instance, the overall cryptocurrency market capitalization decreased by 9.3% in the last 24 hours alone, while the percentage of “losers” stays above 80% day after day for nearly a week now.
Overall market statistics and dynamics
EOS hasn’t become an exception in that regard as the 8th cryptocurrency has already devalued by 24% during the last 7 days, and as many as 15,4% in the last 24 hours. So the question now is not whether EOS, or any other cryptocurrency for that matter, would revert back to the uptrend, but rather how deep it would fall before showing any signs of recovery whatsoever?