Even though weekends are usually terrible times to trade cryptocurrencies, this weekend is shaping up rather nicely already. All markets are in the green right now, and various currencies have noted major gains in the past 24 hours. The EOS price has successfully overcome most of its issues earlier this week. In fact, we are now looking at an EOS price of $18.3. Very impressive gains, although the market will remain unpredictable for quite some to come.
Another leg up for the EOS Price
When all cryptocurrencies start to recover, it is only a matter of time until someone sets a new all-time high. In the case of the EOS price, that new all-time high has been reached over the past few hours. At the top, one EOS was valued at $18.69, which is an absolute record for this relatively new altcoin. Maintaining this momentum will be a struggle, though, as the price increase is rather steep over the past 24 hours.
More specifically, a day ago, that same EOS was valued at almost $13. Although this is a “mere” $5.69 increase, it does represent a near 50% surge in value over 24 hours. Things are retracing a bit as we speak, with the EOS price hovering near $18.3 for now. Such a small dip after setting a new all-time high is only to be expected. Holders will take profits, hope to buy back in cheaper, and repeat the same cycle. It is a very common type of behavior in the financial sector.
Thanks to these solid price gains, EOS now nears the $11bn market cap mark as well. It is remarkable how far this altcoin has come in quick succession. This doesn’t necessarily mean the EOS price won’t collapse in the next few weeks, though. Anything is possible in cryptocurrency, and gains can get wiped out very quickly. For now, though, the EOS price momentum looks solid, and a push to $20 might materialize before the weekend is over.
With over $4.15bn in 24-hour volume, EOS is one of the hottest commodities on the cryptocurrency market right now. Some people would expect to see other established currencies generate such a high amount of volume, but that is not the case right now. There are some exceptions, but most coins in the top 20 don’t even come close to $1bn in daily volume. A situation that will undoubtedly change as we see exchanges rolls out support for said altcoins.
One slightly worrisome aspect about EOS is how over 65% of its trading volume originates from the Bithumb exchange. This platform is notorious for pumping and dumping altcoins on a regular basis. Although their price isn’t included any longer, they do seem to generate an interest in EOS which is far less prevalent in other parts of the world. Binance, the second exchange by trading volume, generates $300m in volume compared to Bithumb’s $2.7bn.
How all of this will play out for the EOS price moving forward, is difficult to predict. Based on the current momentum, reaching $20 seems like a trivial challenge.At the same time, this is the world of cryptocurrency, where billions of dollars can be shaved off any currency’s market cap in the blink of an eye. It will be a very exciting trading weekend for those brave enough to take a few risks along the way.