EOS has been savoring its remarkable merits lately, surpassing other cryptocurrencies.
EOS is a year-long Initial Coin Offering (ICO) that was able to break a record when it gained $4.1 billion with the promise of building the most expandable and efficient platform in the market and replacing Ethereum as the dApp (decentralized application) platform in the future.
It is considered a next-generation open-source blockchain protocol with industry-leading transaction speeds and flexibility.
This digital asset currently ranks as the fifth largest cryptocurrency by market value on CoinMarketCap. It has increased by more than 19% in the last 24 hours when compared to the four largest digital currencies by market value. Bitcoin was up to 4.7%, Ether was at 7.5%, Ripple was at 4.1%, and Bitcoin Cash was up to 5.6%.
Furthermore, EOS has been savoring this powerful upturn after it soared more than 66% during the week.
Analysts have emphasized the bullish momentum currently surrounding the currency as the reason for the altcoin’s price movement recently.
Benefits
EOS profits from a number of tailwinds. This includes the Initial Coin Offering (ICO). It has also benefited from its extensive trust in Dan Larimer, who recently served as the Chief Technology Officer of Block.One and leads the progress of EOS.
We trust Dan Larimer a lot, said Mati Greenspan, Senior Market Analyst at the social trading platform eToro.
Analysts testified to the qualities and achievements of Larimer.
Mati Greenspan, senior market analyst for social trading platform eToro, said that Larimer’s confidence is at its peak. He added that a lot of people believe that he was able to come up with something exceptional.
Mariud Rupsys, a cryptocurrency trader and investor, has also agreed with Greenspan’s statement. In addition, he said that EOS was able to earn a lot of supporters because of their faith in Larimer, who has had two blockchain projects before: Steemit and BitShares. He also noted that the community is looking forward to EOS being a real competitor to Ethereum.
Developments
Aside from the above-mentioned benefits, Rupsys also added that EOS continues to benefit from positive developments lately.
A fitting example would be eToro’s recent decision to offer the trade of digital currency. Another would be the signed letter of intent by OK Blockchain to put $100 million into projects that use EOS.
Both Rypsys and Greenspan talked about the high demand from investors. They said that a number of traders might be looking at the size of Ethereum’s market cap and deciding that EOS is a steal. They also mentioned that, given the fact that this token is still experimental, it has become a good steal for alternative investors.
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