Both EOS and Tron have a seen a downturn in the last 24 hours, with EOS’s price plummeting 13% and Tron’s dropping by 10% according to CoinMarketCap, 7 days before their respective main nets are scheduled to launch.
As expected, there’s a general downtrend in the market—the prices of the top 15 coins have all dropped in the last 24 hours. Bitcoin’s market issues has affected the value of most altcoins in the market, once again suggesting that the prices of the entire market hinge on the prices of just a few coins.
But with the main net launches around the corner, will EOS and Tron finally break free from the Bitcoin effect and be valued in terms of their project value?
EOS: The Ethereum killer?
Many experts have noted that EOS has the potential to be more scalable than Ethereum, and could eventually surpass Vitalik Buterin’s project if EOSIO becomes the leading operating system for blockchain applications.
So if EOS does live up to the hype and its value proposition, its price could be dictated by the number of successful projects built on its blockchain, and not by market fluctuations. As the demand for the EOS’s Main Net platform increases, so will the value of the token.
It’s worth noting, however, that the jury is still out on whether EOS is a utility or a security token. The EOS developers, block.one, were quick to dismiss the idea of their token as a security. No surprises there.
Tron: The next content sharing platform?
Justin Sun’s team is making great strides to distance Tron from the likes of Bitcoin and Ethereum, and position it in terms of the project’s potential. The proprietary network Main Net not only moves Tron off the Ethereum network, but also brings major improvements to Tron’s ability to process transactions.
Tron has also confirmed major partnerships with key players in the entertainment space, as well as partnerships that could benefit from Tron’s blockchain-based payment system, such as Asian bike sharing app oBike.
If both EOS and Tron live up to their project potential and provide real world value, there’s no reason why both coins can’t break free from the Bitcoin effect.