With all cryptocurrencies still enjoying the current uptrend across the industry, things are looking rather interesting. Although this uptrend isn’t much of a surprise anymore, it is still good to see some currencies not major gains in the past 24 hours. As of right now, the EOS price continues to surge well beyond what it should be at, but that can be a good thing.
Bullish EOS Price Trend Remains in Place
It is quite interesting to see how all of the different cryptocurrencies are enjoying this upward momentum for quite some time now. More specifically, Bitcoin and most of the top altcoins have gone up in a nearly straight line for nearly two full weeks now. The EOS price is a good example of how this trend has materialized, even though one could argue this particular altcoin is going up at an alarming rate as of late.
With the EOS price going from $6 to $21.97 in very quick succession, one has to wonder how legitimate this altcoin’s momentum is. Albeit few people will deny EOS has massive potential, the technology isn’t exactly in place to make good things happen just yet. A lot of things are under development, and some new announcements are only fueling the hype even further. As such, we see another 20.51% EOS price increase in the past 24 hours.
It is pretty interesting to see how the EOS price momentum simply carries on without too many problems. Any slightest hint at price momentum resistance is turned into even bigger gains pretty quickly. Thanks to solid gains over Bitcoin and Ethereum as well, the EOS price will be able to maintain its value above $0 for some hours and potentially days to come. At the same time, there will be a steep correction at some point.
One thing working in favor of EOS is how its trading volume is on the rise as of right now. With $3.387bn in 24-hour volume, the demand for this altcoin has not slowed down in the slightest. The massive price fluctuation also plays a big role in this regard, as people are attracted by the value increase which generates even more trading volume. The big question is how many bagholders will be left behind in the end, though.
As of right now, OKEx leads in terms of trading volume. Its lead over Bithumb is quite significant, and Bitfinex is even further behind. With two fiat currency pairs in the top three, some fresh capital is entering the EOS ecosystem as we speak, which is a good thing. EOS is also reducing the Bitcoin Dominance Index quite a bit, as that percentage has dropped to 36.5% over the past few hours.
How this EOS price surge will work out in the long run, remains pretty difficult to estimate. Although one could argue this trend appears completely legitimate, such massive gains are not organic growth by any means. When the EOS price correction happens – and not the brief dip we saw this week – things will get pretty nasty rather quickly. When that will happen exactly, remains to be determined at this stage.