It is evident the cryptocurrency markets are still suffering from a lot of bearish pressure right now. Both Bitcoin and Ethereum are still struggling for momentum, yet there are a few other currencies making a positive impact. It is evident the EOS price is trying to make some major moves, although it remains to be seen how all of this will play out in the long run.
The EOS Price Surpasses $6 Again
With all of the volatility in the cryptocurrency markets as of right now, it is evident there are not too many expectations by the overall community. Even so, that doesn’t mean there will be no positive trends to take note of. Looking at the EOS price right now, it is evident there is some positive momentum behind the scenes as of right now, as the price has risen to $6.35 once again.
This is made possible thanks to a 12.89% increase in the past 24 hours. Considering how the Bitcoin price is still struggling for traction, it is only normal any gain made by altcoins will be taken in stride. After all, so many people are looking for ways to make money in cryptocurrency right now, yet doing so is not all that easy when the negative pressure continues to mount
It is also worth noting the EOS price is on the rise thanks to solid gains over both Bitcoin and Ethereum. More specifically, EOS gained 13.21% over Bitcoin and 14.64% over Ethereum. It is not the first time we see such solid gains for EOS, even though the altcoin has struggled to hold onto these gains for a lengthy period If this trend keeps up, the EOS price may effectively hit $7 later today.
With $885.31m in 24-hour trading volume, things are certainly looking up for EOS as of right now. More specifically, this volume is rather impressive, especially when considering how most altcoins don’t even come close to generating a quarter of this volume. It is interesting to see the demand for EOS spike all of a sudden, although it remains to be seen if this is part of a massive pump-and-dump cycle.
Speaking of the EOS trading volume, most of it is generated in South Korea. Bithumb and Upbit combine for over 53% of the overall EOS trading volume, whereas Bitfinex – in third place – represents just over 10.5%. While three fiat currency EOS pairs in the top three is pretty impressive, it remains to be seen how high he EOS price will effectively go.
As of right now, the momentum is clearly in favor of the EOS price, although this trend will eventually run out of steam. Then again, if both Bitcoin and Ethereum can recover in value, things may get very interesting for all altcoins on the market right now. Until that happens, all small gains should be taken in stride and cashing out profits will remain a priority for most speculators as of right now.