Ethereum, EOS and XRP are three of the top 10 altcoins by market cap but struggled since Bitcoin’s crash earlier this year
As Bitcoin staged a remarkable rebound of 150% from its March 2020 lows, most of the altcoin markets rallied in similar trends to hit new recent highs.
Ethereum, EOS and Ripple have all moved higher, even outperforming the top cryptocurrency in the lead up to its halving. However, Bitcoin’s recent struggles above $9k and subsequent drop to lows of $8,600, have come as the altcoin market has shrunk into correction territory.
Ethereum has struggled to break above $210 since dropping below this key level in mid-May. ETH/USD currently trades at levels just above $206, 1.9% up on its 24-hour opening price.
While the smart contract platform remains poised for lower trades, analytics firm Glassnode says the cryptocurrency is posting strong fundamentals.
According to the firm, Ethereum’s active supply, which shows on-chain transfers over a set period, has surged in recent weeks to hit a new 3-month high. The platform also has seen its active wallet user numbers spike to new highs.
Ethereum’s active supply hit 20,653,710.315, a new high, with the number of addresses holding more than 10 coins also hitting an all-time high of 275,520.000. Ethereum’s block interval has shrunk to 9.292, 5.1% down from recent highs of 13.32 seconds per block.
EOS has gained 1.3% and is looking to move higher after yesterday’s decline saw it touch a low of $2.45.
Investors have seen the price of EOS fall in recent weeks to turn negative in year-to-date performance. Despite recovering 118% after the March 2020 crash, EOS has struggled following a lawsuit against Block.one, the firm that oversaw the crypto’s $4.1 billion ICO.
Data by crypto research platform Messari, shows that EOS dropped by 3.61% on its 2020 prices, prices dipping below levels last seen in early April.
The price of Ripple’s XRP has seen its value over the past 24 hours gain by 2.79% to $0.1989 to the dollar. The cryptocurrency has underperformed for much of the year, and is poised to post lower gains unless current sentiment changes to push it above $0.20.
According to Bitazu Capital co-founder, Mohit Sorout, XRP’s break below its year-long range above $0.22 opened up potential moves to levels as low as $0.15. If XRP drops below $0.18, it will have entered negative territory. The cryptocurrency is just 1.6% above a drop to zero and into negative returns for the year.
Ripple also faces a class-action lawsuit, similar to that brought against EOS, in which the plaintiff accuses the company and its top leadership of offering an unregistered security.