- Arbitrum (ARB), EOS and Zcash (ZEC) not too long ago hit new all-time lows.
- EOS is down 97% from its excessive of $22.89 and ZEC is buying and selling at $43, removed from its $5,941 ATH.
- The market crash is attributed to geopolitical tensions unsettling the worldwide financial system
Following current market-wide declines, Arbitrum (ARB), EOS (EOS), and Zcash (ZEC) bottomed as investor sentiment shifted. On August 5, ARB fell to $0.4317, setting a brand new all-time low (ATL) in its worth historical past. Whereas ARB recovered briefly to commerce at $0.5771 at press time, it’s nonetheless down 75.7% from its all-time excessive of $2.4 in January 2024.
ARB, the Arbitrum Community Administration Token, is dealing with growing competitors from different Layer 2 options.
EOS, a blockchain platform designed for scalable decentralized purposes, additionally suffered important losses. The EOS token is at the moment buying and selling at $0.4971 after hitting an all-time low of $0.41988 on August fifth. This represents a staggering 97% drop from the height of $22.89 in April 2018.
Zcash, recognized for its privateness options, didn’t escape the decline. ZEC additionally noticed a pointy decline final week, hitting an all-time low of $27.276. Whereas it’s at the moment buying and selling at $43.03, it’s a far cry from its October 2016 excessive of $5,941.80.
A number of components could be attributed to those worth declines, together with world financial uncertainty and altering investor sentiment. Particularly, these cash, which fell to their all-time lows, got here after a pointy crash within the crypto market on August 5, when Bitcoin fell to a six-month low of $49,000. Bitcoin's fall triggered a liquidation of $1.19 billion in cryptocurrency futures.
In response to the market crash, Bitget CEO Gracy Chen talked about that the worldwide financial system is fearful about geopolitical tensions, whereas the US financial system is dealing with the strain of recession. She famous that the US inventory market had fallen for 3 consecutive buying and selling days.
Finally, sentiment round ARB, EOS, and ZEC means that buyers at the moment are confronted with powerful choices about whether or not to carry on to those property in anticipation of a possible market restoration, or ditch them for different alternatives.
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