Even though most cryptocurrencies are going through sideways trading momentum as of right now, the overall uptrend is still in place as we speak. Virtually all of the top 15 currencies ranked by market cap are in the green over the past 24 hours. The EOS price notes some of the biggest gains in the past day, even though it also saw a massive decline two days ago.
The EOS Price Remains Volatile
Any uptrend in the world of cryptocurrency will be squashed sooner or later. In the case of the EOS price, the extremely bullish trend in the past week and a half resulted in a spectacular decline starting two days ago. With a low of $16.82, it seemed as if the value per EOS would drop below $15 at some point, but that did not happen in the end. Instead, we are now dealing with a new EOS price uptrend, effectively pushed the value well beyond $17.5.
This 8.05% increase in the past 24 hours has been rather surprising for EOS. Although there is no real reason for the EOS price to remain below $17 -especially given all of the hype and speculation surrounding this token – any decline can often lead to panic selling. It seems most investors keep the confidence in EOS right now, although it remains to be seen whether or not a value of $20 can be reached before the week is over.
It is also interesting to note how EOS gained 6.87% over Bitcoin and 6.37% over Ethereum. With both of those currencies also recovering some minor losses, the coming days will be pretty interesting to keep an eye on. While some experts are convinced the sideways trading momentum will continue for some time to come, cryptocurrencies often prove these self-professed experts wrong. Whether or not history will repeat itself in this regard, remains to be determined.
Thanks to $2.878bn in 24-hour trading volume, EOS remains one of the most liquid altcoin markets to date. It is uncanny how investors throw billions of dollars at a token for a product that doesn’t even exist as of right now. Nor will it exist anytime soon, as there is only a testnet available at this point in time. Hype and speculation trump usability in this regard, although the same concept applies to quite a few altcoins as well.
Not much has changed in terms of exchanges dominating the EOS trading volume. OKEx is in the first place, followed by Bithumb and Upbit. Without Korean exchanges, the overall trading volume for EOS would be 38% lower, which seems to indicate different parts of the world show an increasing interest in EOS as of right now. If this trend remains in place, reaching an EOS price of $20 is not entirely out of the question.
Whether or not EOS has any long-term momentum, remains to be seen. Considering how this massive EOS price trend has only materialized a few weeks ago, it is difficult to predict where things will head next. It is a very intriguing market to keep an eye on, and one where loads of money can be made or lost in quick succession. The bigger question is whether or not the EOS price is still relevant a year from now, or if something else has taken its place entirely.
