Former Crypto High Flyers

September 25, 2020 12:58 PM
Crypto story of the day

Crypto story of the day

CRYPTO MOVERS AND PRICES

 

 

Crypto is recovering following the sell-off earlier in the week. Futures are expiring on most major crypto-settled derivative platforms today.

CRYPTO STORY OF THE DAY

EOS, TRON, And XLM tokens were once all high flyers. The fact underscores much of the sentiment-based investing in alt-coins.

EOS, TRON and XLM are native tokens of blockchains that were either released or drew plenty of attention in the 2017-2018 run-up. They were consistently within the Top 10 largest crypto market caps and EOS for a time was comfortably within the Top 5. In the period since the crypto price lows in early 2019, their token values never saw the same rebound. Their positions in the Top 10 are now occupied by names like Polkadot, Chainlink, and Crypto.com Coin. 

The protocols, which were all once darlings, have seen a sharp decrease in interest. From our experience, crypto investors feed on narratives around the next great innovation. Enthusiasm around the potential for EOS has been replaced by topics like DeFi with applications that are mostly built on Ethereum. Other competitors to become the “next” Ethereum like Polkadot are given more of the benefit of the doubt due to being new launches. EOS, TRON, and XLM haven’t managed to continue to keep up interest either with fresh narratives or incremental development.

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