EOS Still Needs To Prove Itself And Reduce Yearly Losses

If you are reading our EOS news, you probably know that this is one of the most interesting altcoins out there and an impressive project. Lately, EOS has been working on its new social media platform named the Voice, but besides that, the cryptocurrency EOS still needs to prove itself and reduce the 68% EOS 2020 losses that it incurred.

The blockchain’s launch in 2018 was bumpy from the start. Some users reported that their accounts were frozen, and others were irritated when they discovered there was an all-powerful arbitrator with an unclear role.

Last year, Brock Pierce, who is one of the project’s early backers, said in a public forum that the blockchain ecosystem was a “little bit of a Chinese oligarchy” which means that there is a troubling lack of decentralization on the network.

Asian whales' lack of will to diversify their votes geographically is a threat to #EOS decentralization. This community is up to another great challenge! And we have the tools to succeed! 🗳
⬇️ Watch Full Video Here! ⬇️https://t.co/0R6JN6YBJW pic.twitter.com/g6cIw41zq4

— CryptoSam (@Samirelmansouri) May 26, 2019

Over the past year, the cryptonews showed that the EOS token price has been on a bumpy road with 68% in losses and the worst performance among digital assets. The market cap behind EOS still needs to prove itself and is at least $1 billion, based on data from Messari. This is more than twice the decline over that period in prices for EOS and its biggest rival Ether (ETH).

Meanwhile, the Bitcoin price news show that BTC is flat over the past 12 months.
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That said, many are asking themselves if the worst is now behind EOS – or if the cryptocurrency has a potential to retrace.

Earlier this month, Block.One which is the software publisher behind EOS, released a voting criteria that requires block producers to disclose their locations. As the company and its officials said, the location requirement could help increase “inclusivity and diversity among block producer nodes.”

Block.One also removed another overhang in September, but EOS still needs to reclaim itself as a winner in the cryptocurrency market. Right now, the coin is obviously not doing that but analysts and bulls are hopeful that the trend will reverse soon.

EOS & ADA Completed Golden Crosses – #ADAUSD chart https://t.co/ZR1n0NCNjv

— Mati Greenspan (tweets are not trading advice) (@MatiGreenspan) February 10, 2020

If EOS can retrace, it has a major potential to go from the current $2.74 to a price of $4 and then $5 which are the long-term resistance barriers. If it does not, it will probably hold itself in the $2 region and extend the EOS 2020 losses with a maximum potential to reach $3 sooner than later.