- Arbitrum (ARB), EOS, and Zcash (ZEC) recently hit a fresh all-time low.
- EOS is down 97% from its peak of $22.89, and ZEC is trading at $43, far away from its $5,941 ATH.
- The market crash is attributed to the global economy being alarmed by geopolitical tensions
Following recent market-wide downturns, the prices of Arbitrum (ARB) , EOS (EOS), and Zcash (ZEC) hit rock bottom as investors’ sentiment shifted. On August 5, ARB tanked to $0.4317, setting a fresh all-time low (ATL) in its price history. While ARB has briefly recovered, trading at $0.5771 at press time, it is still down 75.7% from its all-time high of $2.4 in January 2024.
ARB, the governance token for the Arbitrum network, faces increasing competition from other layer-2 solutions.
EOS, a blockchain platform designed for scalable decentralized applications, has also suffered significant losses. The EOS token currently trades at $0.4971, after falling to an all-time low of $0.41988 on August 5th. This represents a staggering 97% decline from its peak of $22.89 in April 2018.
Zcash, known for its privacy features, hasn’t escaped the downturn. ZEC also saw a sharp decline last week, hitting an all-time low of $27.276. While it’s currently trading at $43.03, this is a far cry from its October 2016 high of $5,941.80.
Several factors could be attributed to these price declines, including global economic uncertainties and changing investor sentiment. In particular, these coins dropping to their all-time low came after a sharp crypto market downtime on August 5, which saw Bitcoin fall to a six-month low of $49K. Bitcoin’s fall triggered a $1.19 billion liquidation on crypto-tracked futures.
Reacting to the market crash, Bitget CEO Gracy Chen mentioned that the global economy is alarmed by geopolitical tensions while the U.S. economy is facing recession pressure. She noted that the U.S. stock market plunged for three consecutive trading days.
Ultimately, sentiments surrounding ARB, EOS, and ZEC suggest investors are now confronted with challenging decisions about whether to hold onto these assets in anticipation of a potential market recovery or to dump them for other opportunities.
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