Market Analysis

Cryptocurrency market analysis: EOS leads the coinverse as it approaches its all-time high

After a mid-week correction that saw the price of bitcoin drop below $9,000, the market is back on the bullish track with all top altcoins listed in coinmarketcap going green. EOS leads the coinverse with a percentage increase of 19%, thus trading at $18.18 as of press time. The coin is on a retest of its previous record high.

Despite the cryptocurrency market’s volatility in the last days, that followed an uptick experienced in the recent weeks when most digital currencies reached various respective-major marks, EOS leads the coinverse, after gaining 19% in the last 24 hours. With gains of about 200% in the last month, the coin’s price is approaching the levels of January.

After gaining about 54% in the last one week, EOS managed to overtake the fifth largest coin, litecoin. This was as a result of the increased trading volume and market capitalization which took place during the rebound. Additionally, the increased growth can be attributed to the anticipation by many investors and holders of the launch of EOS main net.

Moreover, the coin enables developers to build decentralized applications. Also, it can support thousands of different commercial decentralized applications. Just recently, the coin’s token has been on a constant increase. As such, more investors are eager to put their money in the platform.

Other reasons that can be attributed to the coin’s success, is the on-going initial coin offering. And widespread faith in Dan Larmier, who is currently serving as the CTO in BlockOne and the leading developer of EOS.

EOS price predictions put its price at $ 37 by end of the calendar year 2018. Also, a five-year forecast is around $ 143. Thus, the total quantum of appreciation that is to be attained is very large. Hence, the reason many investors find it suitable to invest in the platform.

As the price of EOS approaches its all-time high, do you think it will reach the levels of $ 143 as predicted?

Share your thoughts in the comment section below

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coinmag

Having contributed to many leading financial blogs, Ken's love for cryptocurrencies and the blockchain technology has him on high alert on all price developments within the cryptocurrency sphere.

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