Cryptocurrencies saw their market cap shrink 1.3% to $127.6 Billion today as losses came across the board among the 100 largest currencies. Fortunately, the losses were muted as 93% had losses less than 5% for the day. Among the Crypto top 10, Ethereum ETH suffered the most with only a .9% loss for the day.
Bitcoin fell quick but not hard as it fell by 0.23%. The currency hit a hard support at $3,800 support level. The market remained around $5.9 billion cap and stayed relatively uneventful.
Strongest gains for the day came from BNB, Binance Coin, and and EOS with 2.51% and 3.35% respectively.
The EOS Gains and Concerns
The main strength of EOS lies on its focus on speed. However, the concern is that the speed comes at the expense of security and practicality. For example, this block chain currency stores 4TB of data after 8 months of operation compared to Bitcoin’s 200 GB in 10 years and Ethereums 300 GB in eight months.
Binance Coin and Questions About Gains
Binance is another currency that gained and it is a currency that keeps on climbing. It has fallen back in the past few days before this small uptick mostly as traders take out and lock in gains, particularly Binance Coin. For the week, Binance saw an increase of almost 30% despite the general bearish market among block chains. This rise has pushed the coin to a market cap of $134 million from $80 million a few days ago.
This may lead investors to utilizing the coin as a stabilizing currency to hide in during bearish turns. However, there are doubters. Some observers have come out to say that it is an elaborate Ponzi scheme while others doubt the accuracy of BNBs reporting. Despite the concerns, BNB has been one of the top earners with an 83% gain in the past couple of months of the year.