EOS price nosedives by a massive 22.85% over the week

The cryptocurrency town is painted red, with the prices of cryptocurrencies like Bitcoin, Ethereum and XRP breaking supports and falling below their usual price range.

EOS has been free falling and the prices have slipped by 9.02% in the 24-hour time frame, and is currently trading at a depreciated price of $4.19. The market cap suffered the same fate and has come down to $3.69 billion.

Source: CoinMarketCap
The seven-day chart for EOS looks equally gruesome, with the prices starting to fall strongly by an astonishing 22.85%. The prices for this time-frame started trading at $5.42, and after nine hours of the same trend, the prices suffered a massive blow, causing it to dip to $4.48. The prices dipped twice after this point, finally reaching $4.10, where the market cap was at $3.70 billion.

The past few weeks haven’t been easy on cryptocurrencies, and especially on EOS. Despite EOS having secured the first place in terms of on-chain transactions, the prices have crashed and burned.

To make matters worse for EOS, a research conducted by Whiteblock also revealed that EOS is not a blockchain but a glorified cloud service and lacks blockchain’s most fundamental aspect, immutability.