These past few weeks have been rough for the crypto markets, with the bears leaving almost no coin untouched. After several days of bleeding red, cryptocurrencies across the board are finally in the green. The total crypto market cap is currently at $328 billion, up approximately 7% in the past 24 hours.
The week has proven eventful for two coins in particular: Tron and EOS.
Tron recovers from price dip
Tron (TRX) has undoubtedly been one of the most popular coins of 2018 thus far. Thanks to project developments and strategic partnerships, TRX started May off strong at approximately $0.09. In fact, Tron had a major breakthrough earlier this month when it claimed the 9th spot the top crypto rankings by market cap. However, a recent price dip brought the price of TRX down to $0.059, causing the coin to slip back into 10th place. A 7% price increase in the last 24 hours has Tron trading at $0.064.
With Tron’s highly-anticipated mainnet launch only a day away, TRX could be poised for significant gains in the coming weeks. At the same time, market volatility may prevent Tron from rising to April highs of $0.09. The fact that Tron has been able to remain in the top 10 crypto and recover from previous losses proves the coin still has incredible potential and can certainly continue to make more progress before the year is over.
EOS bugs result in price decline
EOS also witnessed a price drop this week, reaching a low of $10.70. The price drop coincided with news that Chinese internet security firm Qihoo 360 discovered high risk vulnerabilities in the EOS platform just days away before its June 2nd mainnet launch. Essentially, the vulnerability would allow an attacker to create a smart contract with malicious code, ultimately resulting in full control of the entire network. The EOS team has reportedly fixed the problem, and it appears the mainnet is set to launch as scheduled.
EOS has bounced back from its brief price dip, currently trading at $12.29. Up 5% in the past week, it is one of the few coins with a positive 7 day change. It is also worth noting that EOS is on track to raise over $4 billion as its year-long ICO finally draws to a close on June 1. EOS seems to only be getting started, and it will be interesting to see where the project goes from here.
While it may be difficult to predict in which direction the cryptocurrency market is heading, it is only a matter of time until the bulls make their entrance. After weeks of stagnation, the market is starting to see some action, and projects like Tron and EOS could be the ones to set it all back into motion.
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