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Bitcoin Price Finds Home Over $8k, EOS, Mithril and DROP Fall on Hard Times

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Markets are down overall today with the majority of assets in the top 100 by market cap seeing numbers in the red. Bitcoin has been holding its recent gains and is consistently over the $8000 for the last week with only two exceptions so far. A few other assets are not faring quite so well, however, such as EOS, Mithril, and Dropil.

Bitcoin Price

Bitcoin Staying Strong

Ever since bitcoin saw its recent general price increase on July 17 and then again on July 23, markets have been quite bullish on the digital gold, with prices consistently holding at over $8000 for the last week. Although bitcoin has dropped to below $8000 on two separate occasions as of press time during the last 7 days, these periods of price dips were quickly restored to the new status quo of the week of over $8000.

While bitcoin is holding onto its gains, most altcoins cannot say the same. Nearly all assets were in the red today with only a few exceptions like Ethereum Classic and Augur both up just slightly. Polymath also saw a slight bump today bringing it to the $0.40 range, but otherwise most assets are down today. This implies that there could still be an ongoing exodus from altcoins back into bitcoin.

EOS Losing Hold

EOS, the blockchain project meant to compete with and exceed Ethereum and launched by the company known as Block.One seems to be losing some of its footing. Ever since the project entered into main net launch period, a number of issues have appeared that have caused members of the community to doubt the ability of EOS to conquer or even sufficiently compete with Ethereum.

Some examples include some major technical glitches and issues on launch, to issues relating to Block.One participating in voting on the delegated proof-of-stake model, to other concerns related to EOS’ ability to say what it claims it will do.

Today EOS tokens are down by 7.5% and they are currently trading for $7.64 each, which shows a general and consistent downward trend since the May high point of $21.46 each. It seems that if the asset is going to recover, it’s going to require some proof that the chain is doing something of value and not just being a way for those in high positions to make money off electing each other as delegates.

Mithril Takes a Dip

Mithril, an Ethereum-based project that is centered around social media and earning tokens for participating in social media networks saw a sharp dip today, with prices dropping by 18.34%. The token is currently trading for $0.75 each which is a dip from a recent high of one dollar. Looking at asset prices over the last 30 days shows a different picture, however. 30 days ago, each Mithril token was $0.45 each. So it is shortsighted to say that moving from $0.45-$0.75 is truly a dip. However, it does suggest the some of the recent enthusiasm in the asset is cooling off. Currently, Mithril is sitting at rank 47 on coinmarketcap.com, with a total market cap of just under $270 million.

DROP Follows Its Own Instructions and Drops

Another Ethereum asset took a hard hit today. That asset, DROP, like it’s name suggests, took a drop in market prices. Today’s movements saw DROP dropping by 11.19% to a price of $0.005 each. This movement is a dip from where the asset was 30 days ago, but since the prices are so low for each individual token (of which there is currently a circulating supply of 20 billion) this downward movement is difficult to visualize.

Since listing on coinmarketcap.com back in March of this year, prices have generally been flat and have not moved too much beyond be $0.005 range.

For those unfamiliar, drop is a platform that aims to automate a number of trading functions and to operate its own exchange. The asset is currently ranked 90, and has a market CAP of just under $104 million.

Price Watch Wrap-Up

It seems that this week, the safe bet is going to be on bitcoin as the market for that asset is the most stable. Now could also be a buying opportunity for some altcoins since their prices are down but bitcoin is up. Whatever choice to decide to make (or not make), be sure you are ready for the potential consequences. It seems we aren’t totally out of the bear market just yet.

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