Categories: CryptoNews

EOS Price Gains Materialize On the Heels of Sidechain and Cyperblock News

In the cryptocurrency world, every individual project tends to attract fans and haters. That is only normal, as most currencies, tokens, and assets try to pursue very different business models first and foremost. As far as the EOS price is concerned, it would appear a minor uptrend has begun taking shape. Some key developments behind the scenes may play a big role in these current proceedings.

EOS Price Bucks Negative Trend

There is a severe lack of bullish momentum across all cryptocurrency markets right now. This trend is not entirely surprising, as Bitcoin hasn’t shown any intention of rising in value for more than two hours on end. Unless that situation changes in the very near future, none of the other markets will see any different momentum. EOS Will not be an exception in this regard.

Keeping that in mind, one has to wonder how long the current EOS price uptrend will remain in place. Although there is a solid 3.5% gain in USD value and a 2.5% gain on Bitcoin, these figures were significantly higher just a few hours ago. This further confirms the current uptrend is still under a lot of pressure, yet that shouldn’t come as too big of a surprise. It will be interesting to see what comes next for this altcoin,

Looking beyond the current price trend right now, it seems some positive things are happening behind the scenes for EOS. More specifically, Boscore has enabled its IBC function, which acts similarly to sidechains. As such, value can flow freely between BOS and EOS from this point forward, which is always something to keep an eye on for the future. How this will affect either project in the long run, remains to be determined.

Secondly, it appears a new mobile EOS block explorer application has been released recently. Although not everyone will have a use for tools like these, one has to commend the Cypherblock team for trying its hand at bringing this application to market. This is another strong sign of how the EOS ecosystem continues to grow by leaps and bounds, which is what most investors and holders should be concerned about right now.

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Branden Bulmer is quite impressed with how EOS is growing across the board. New applications, sidechain-esque solutions, a growing user base, and an increase in transaction numbers are all very promising signs first and foremost. At the same time, one has to wonder how long this rate of growth can be sustained. Attracting people who are not involved in cryptocurrency yet remains a key challenge for any projects at this time.

Although all of the growth signs are very positive for EOS, its price might not necessarily reflect all of these changes in the near future. After all, there may very well be a trend reversal in the near future, although it remains to be seen what will happen over the coming hours and days. Anything is possible in this particular industry, yet without Bitcoin heading in a decisive direction, it seems unlikely any uptrend can be sustained for very long.

Disclaimer: This is not trading or investment advice. The above article is for entertainment and education purposes only. Please do your own research before purchasing or investing into any cryptocurrency.

JP Buntinx

JP Buntinx is a FinTech and Bitcoin enthusiast living in Belgium. His passion for finance and technology made him one of the world's leading freelance Bitcoin writers, and he aims to achieve the same level of respect in the FinTech sector.

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