After yesterday’s initial excitement regarding the cryptocurrency markets yesterday, it seems most of the momentum has evaporated once again. Most of the top currencies are in the deep red again as we speak, even though the EOS price is the sole exception right now. Unlike the other currencies, the EOS price has risen by 11.41% in the process, which is interesting to keep an eye on.
EOS Price Momentum is Still Bullish
To put all of this into perspective, yesterday was an extremely positive day for all cryptocurrency markets. We saw Bitcoin and the likes rise by 5% or more, which seemed to indicate things would finally turn around in favor of cryptocurrencies. Unfortunately, the past 24 hours have shown a very different trend, as most of those gains have been lost once again. One exception is the EOS price, which seems to be doing its own thing as of right now.
Over the past 24 hours, the EOS price has risen by 11.41% This is all the more remarkable when considering how the Bitcoin price is down by 4% in the same period. As a result of Bitcoin’s downturn, most other top altcoins are down by similar percentages. The EOS price is the only exception in this regard as of right now, although it remains to be seen how all of this will play out moving forward.
It is also worth noting the EOS price has gained 14.22% over Bitcoin and 16.73% gain over Ethereum. It seems evident Ethereum will continue to struggle for quite some time to come, as it is incapable of keeping up with Bitcoin’s gains or losses these days. Whether or not that situation will change in the future, remains to be seen. For now, it seems the EOS price will keep doing its own thing, which is always interesting to keep an eye on in the coming hours and days.
With nearly $1bn in 24-hour trading volume, things look pretty impressive for EOS as of right now. It is interesting to see how EOS has successfully increased its trading volume over the past few days, as that is something few people had expected. Especially when considering how the overall cryptocurrency trading volume is still in the dirt, EOS is doing some interesting things as of right now. Sustaining all of this will not be easy whatsoever, though.
Bithumb is still the leading exchange when looking at EOS trading volume. They represent 45.47% of all trades right now, which is well ahead of both Huobi and Bitfinex. It is good to see two fiat currency pairs in the top three, and the other pair is a USDT market, which is also pretty interesting. This seems to confirm the EOS price may keep rising for some time to come, although volatility is always looming overhead in the cryptocurrency world.
For the time being, it is unclear what comes next for the EOS price. Right now, a target of $7 seems more than likely, although one has to keep in mind people will take profits at some point in the future. When that happens, the uptrend may be broken fairly quickly, but only time will tell how bad things will get for EOS.