While the majority of the cryptocurrency market is experiencing red with BTC down 2.56%, a 6.55% slope in ETH, 5% loss in Ripple, and so on, EOS is currently the only coin among the top 25 cryptocurrencies with any gains. With its Mainnet Launch coming up, EOS price is expected to rise to its $20 peak yet again.
EOS back on bull track
EOS is among the few of the cryptocurrencies that are experiencing a bullish momentum, right now. Majority of the digital currencies like Bitcoin, Ethereum, Cardano and Ripple among others have taken a hit of about 2-6 percent.
At the end of last month, EOS went above $20 which was said to set a new high for the cryptocurrency. However, during the last week, it went down to the $17 price level. While the crypto market is in red, EOS coin has again taken the control and riding its bull to the $20 value by climbing to the $18.01 mark with a rise of 4.42 percent at one point. Right now it is on $17.70 price value.
With a market cap of approximately $15 billion, EOS coin is currently ranked at the 5th spot on Coinmarketcap. Being the only cryptocurrency to register any gains in the top 25 digital currencies, it is expected to continue its upward trend.
If other cryptos especially Bitcoin and Ethereum start making gains, it will have a further positive impact on the EOS price. After an amazing performance since mid-April, it’s a good time for EOS price to reach its $20 high.
Fast approaching mainnet launch
EOS basically aims to offer a blockchain architecture to enable the development of DApps by utilizing the smart contract technologies. Unlike ethereum and bitcoin that use proof-of-work (PoW) consensus mechanism for transaction verification, EOS works on DPoS consensus mechanism having only 21 block producers to verify transactions.
With its MainNet coming up on June 2, the prices are surely getting the good end of the deal with EOS prices rising over 150 percent in value in April alone. However, the concern is the block producer vote which is still unclear.
There are a lot of questions such as if the block producers (BP) will be holding large amounts of EOS tokens and if these BPs will help in verification oversight along with providing the hardware.
However, EOS has advised the voters to not to vote for large mining pools and crypto exchanges, instead to focus on those organizations whose focus is the development of EOS.
EOS is making a lot of news in the crypto space, climbing to the 5th spot in little time. By getting back on the track, we might see it hit the $20 mark soon.
Do you think EOS price will be reaching new height this month driven by this bull momentum? Let us know your views in the comment section below!
A computer science engineer, I have been adamantly following the blockchain and cryptocurrency industry for the past 2 years. A crypto enthusiast and hardcore blockchain follower. Reach out to him at [email protected]