Why is EOS (EOS) Going Straight Up?

EOS (EOS) started out pretty prominently setting up a new record price of over 20$ per one unit back at the end of April when the rest of the crypto market took a downward trend.

Precisely this pattern of movement in the market was the factor to skyrocket EOS towards a more flattering ranking, which enabled it to take the spot of Litecoin (LTC).

The gains that the current 5th largest cryptocurrency had taken brought it over 400% of gains on its YTD charts, placing it among some of the top gainers in the market.

However, despite the previous gains, on November 10th, EOS is marking a minor decline. Luckily, a drop of barely -1% in an already declining market is hardly able to strip EOS off its current ranking.

So, why is EOS going straight up? What are the qualities driving it up?

EOS (EOS) One of the Top Gainers of 2018

The market declined to almost -90% since the majority of currencies have made it to their all-time highs. However, some cryptos like EOS managed to go beyond expectations even outside mass positive market trends.

EOS reached an all-time high in April when the majority of top cryptos started to dip, which allowed it to head for the 5th largest market cap among all trading crypto assets, that way gaining even more momentum.

Although EOS is seen at a decline, at barely -1% against the fiat, this crypto is still ranked among the top gainers of 2018.

EOS Offers the Answer for the Lack of Scalability on Ethereum

EOS is one of the direct opponents of Ethereum, much like NEO (NEO), having both popularly called among holders, “Ethereum killers.”

Since EOS offers a more scalable network when compared to Ethereum at the current moment, it might be the case that the network is attracting new Dapp developers who think EOS might be the answer to their issues.

Still, EOS makes up for a rather expansive Dapp platform for large-scale decentralized applications that are due to impose great expenses on Dapp developers, so the scenario described above might not be the case.

EOS might be going straight up despite the vigorous losses imposed by the negative market trends due to the fact that is simple makes a faster, cheaper, and more scalable currency with no transaction fees.

Why is EOS Going Straight Down at the Moment?

EOS took a downtrend path on November 10th when the currency declined driven by the negative market trends with the rest of the top currencies.

However, EOS is still holding onto its relatively stable pace of growth, so the crypto is dropping by barely -1% against the fiat.

EOS Price Today – EOS / USD

Name Price24H (%)
Bitcoin (BTC)
$8,321.84
0.34%
EOS (EOS)
$3.13
0.13%

Furthermore, EOS is showing improvements not only in the last week during the major rebound of currencies, but also on bi-weekly and monthly charts.

It is expected to see the crypto getting back up once the market takes an upward turn as it appears that strong market currents are the main force driving the prices.

Disclaimer: The information on this site is provided for discussion purposes only, and should not be misconstrued as investment advice. Under no circumstances does this information represent a recommendation to buy or sell securities.