EOS price (EOS/USD) extends losses following disappointing weekend

The recently-launched EOS mainnet “pauses” for several hours on Saturday

EOS price (EOS/USD) extends losses following disappointing weekend

The EOS price (EOS/USD) has continued to struggle on Monday, following a disappointing weekend, marked by technical difficulties.

The digital currency suffered some losses on Sunday, as s price saw a significant drop in the final hours of the session. Having opened at $10.63, the digital coin finished the day at $10.44, notching up its lowest close in five days.

EOS continued its decline during the early hours of today’s trading, dropping to an intraday low of $10.23. The coin bounced back in late morning trading, hitting an intraday high of $10.45, but it lacked the necessary momentum to sustain a more meaningful rally. Having experienced another sharp drop in recent trading, EOS is now trading around the $10.30 level.

In addition to the coin’s disappointing market performance, EOS’ newly launched blockchain on Saturday suffered some technical issues, which led to network operations “freezing”, according to media reports. The problem prompted a conference call between EOS Block Producers and Standby Nodes, who attempted to identify and fix the issue. The network resumed operations on Sunday, around four hours after the call had taken place.

The issue emerged less than 48 hours after the EOS mainnet officially went live following months of anticipation. Last Thursday, the blockchain finally received the 150 million votes, or 15% of the total supply of EOS tokens, required to determine the individuals or entities that will maintain the distributed network, such as the Block Producers – the equivalent of miners on the Bitcoin network.

In today’s trading, the EOS price stood at $10.35, as of 15:49 BST. The digital currency has lost 1.8% of its value in the past 24 hours, according to data from cryptocurrency tracker Coinmarketcap. The coin’s total market cap currently stands at $9.2 billion, which makes it the fifth-largest digital currency on the market.

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