Friday, October 22, 2021

Three reasons why EOS price has pumped 100% in three days

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The worth of EOS is within the double digits for the primary time since mid-2018 after a parabolic advance that started again in March.

Based on knowledge from CoinGecko, the Twentieth-ranked cryptocurrency by market capitalization is at present sitting above $11.50, delivering near 100% beneficial properties during the last three days.

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First, the present EOS upward advance is going on on the intersection of two distinctive worth traits. On the one hand, the EOS/USDT buying and selling pair is on the top quality for 2021, whereas the token worth in opposition to Bitcoin (BTC) fell to its lowest stage in three years again in early March.

EOS/USDT 1-day candle chart (Binance). Supply: TradingView

As of the time of writing, the EOS/BTC worth motion chart has damaged an nearly three-year downtrend, signaling the chance for vital upward motion.

Secondly, with Bitcoin dominance persevering with to slip amid large altcoin beneficial properties, the market cycle seems to have large-cap tokens on the ascendency. Certainly, main alts like Bitcoin Money (BCH), Ethereum Basic (ETC), Chainlink’s LINK and Polkadot’s DOT have skilled fast worth surges.

EOS/BTC 1-week candle chart (Binance). Supply: TradingView

These altcoin beneficial properties have been additional boosted by Ether (ETH) setting new all-time highs.

EOS is following the pattern, gaining sufficient momentum to indicate vital worth motion energy in opposition to Bitcoin. As of the time of writing, the EOS/BTC buying and selling pair is up 76% up to now 24-hour buying and selling interval.

A 3rd seemingly cause for the EOS breakout might be attributed to the latest staking rewards announcement. As beforehand reported by Cointelegraph, the EOS group is contemplating a proposal to increase staking rewards.

The advice for growing the staking reward was based mostly on a report commissioned by Block.one. The proposal might be the subsequent main growth on the EOS community after the PowerUp mannequin that enables customers to pay a one-time transaction charge for twenty-four hours.