Even though yesterday was a pretty eventful day for most cryptocurrencies, it seems the momentum remains pretty brittle. More specifically, we see the Bitcoin price going in the red again, although in far less spectacular fashion. One currency well worth keeping an eye on is EOS, as the EOS price is absolutely surging as of right now.
The EOS Price Trend Remains In Place
It is always interesting to see how particular cryptocurrency markets evolve. This is especially true given the most recent negative pressure we have seen affect all cryptocurrency markets. In the case of the EOS price, it seems things are heading in the right direction, for the time being. Thanks to solid gains over the past few days, EOS is now the fifth-largest cryptocurrency by market cap.
These past 24 hours, we have seen the EOS price rise by another 33.96%. Although such gains are almost synonymous with cryptocurrency, the year 2018 hasn’t given us much to be excited about in terms of gains. For EOS holders, things are certainly heading in the right direction, as these most recent gains put the EOS price at $8.59. Quite a nice gain compared to yesterday’s $6.6, although it remains to be seen how long this momentum can last.
As one would come to expect from such gains, the EOS price is booming due to solid gains over both Bitcoin and Ethereum. More specifically, there is a 34.17% gain over Bitcoin, as well as a 31.9% gain over Ethereum. This once again confirms the gains over Ethereum are smaller compared to Bitcoin, which can only be considered to be a good thing for those who have high expectations for the Ethereum price.
The demand for EOS also appears to be growing as we speak. More specifically, the trading volume has peaked to $2.488bn, which well beyond what we usually see for this particular altcoin. Even so, it is evident this trading volume is mainly dominated by speculators and manipulators, as it is highly doubtful the EOS price will remain at this level for much longer.
In terms of the EOS trading volume itself, Bithumb is the leading trading platform as of right now. Their lead over Upbit is quite substantial, and Bitfinex is even further behind. This does mean we have three fiat currency pairs in the top three right now. In most cases, this indicates fresh capital is entering the EOS ecosystem as we speak, which is pretty interesting to keep an eye on.
How all of this EOS price action will play out, remains to be determined. Although we have seen solid upward momentum for several days now, there will be a correction eventually. When that happens, it is not unlikely the EOS price will drop to $5.5 or potentially lower once again. It will all depend on how all other top cryptocurrencies evolve, as Bitcoin and Ethereum still dictate the pace for most other currencies.
