Even though all of the cryptocurrencies are slowly going back in the green, it remains to be seen how long this positive momentum will last. Yesterday was a rather troublesome day for all currencies, which also makes it slightly easier to recover the massive losses. The EOS price is definitely on a roll right now, thanks to a solid 12.63% increase over the past few hours.
The EOS Price Recovery is in Effect
After the steady declines yesterday, it is rather impressive to see some cryptocurrencies gain any sort of momentum in the past few hours. So far, the EOS price is clearly in the lead when it comes to short-term gains, although this momentum may not necessarily last all that long. Even so, EOS holders will be quite pleased with this latest development, even though there’s still a lot of work to be done in the process.
With the EOS price dipping below $12 yesterday, some users were concerned about how things would continue to evolve. Those concerns were only compounded when the EOS price dipped to $10.8 and slightly less late last night. Most of that dip has now been bought up again, as the value seems to be stabilizing around the $12 mark as of right now.
This EOS price increase is also made possible thanks to gains over both Bitcoin and Ethereum. More specifically, EOS has gained 12.77% on Bitcoin in the past 24 hours, as well as an 8.73% gain over Ether. It is evident there are some positive developments in this regard, although it will be interesting to see how things will evolve in the coming hours and days. It appears the bearish pressure is not completely gone just yet.
The trading volume for EOS is on the rise again, which can only be considered to be a good thing. More specifically, there is $2.222bn in trading volume, which makes EOs one of the most liquid markets in the industry next to Bitcoin. If this volume remains in place, things will certainly get rather interesting for this particular altcoin moving forward.
The way things stand right now, Bithumb is leading the charge in terms of EOS trading volume. Its lead over Upbit is pretty big but not insurmountable by any means. Huobi completes the top three, followed by OKEx and Bitfinex. With three fiat currency pairs in the top five right now, there appears to be a clear demand for EOS in the cryptocurrency industry as of right now.
Whether or not the positive momentum will remain in place much longer, is a different matter altogether. Although it is time things turn around in favor of cryptocurrencies, the overall trend throughout 2018 has been incredibly negative. Even so, experts still predict bigger and better things to come in 2018, albeit it remains to be seen if and when those changes will materialize.
