EOS Is Leaving Top Cryptos In The Dust

An alternative coin known as EOS, linked to an innovative platform for decentralized applications, is at present relishing benefit and leaving behind other cryptocurrencies. Presently, this coin is the fifth largest cryptocurrency as per market value on CoinMarketCap, and in the past week, its price surged about 31%.

CoinMarketCap figures display that the four largest digital coins Bitcoin, Ether, Ripple and Bitcoin Cash, as per market value were up 4.7%, 7.5%, 4.1%, and 5.6% respectively. During this week, EOS is enjoying this march after rising above 66% through 06:29 UTC.

Bullish Sentiment

Analysts laid stress on the bullish momentum around the coin while clarifying the current price movements of altcoin. EOS has been gaining from many air-current which contains an ongoing ICO and trust in Dan Larimer who is at present CTO of BlockOne and is the chief in the growth of EOS.

Senior market analyst for social trading platform eToro, Mati Greenspan said that high trust is in Dan Larimer. And several people believe that he has made something that is quite amazing. A cryptocurrency dealer and investor, Marius Rupsys, feels the same way.

Not only has EOS earned plenty of supporters, but they trust Larimer, “as he had two blockchain projects before Steemit and BitShares.” According to Steemit and BitShares, EOS has acquired many supporters, and then also they have faith in Larimer because previously he had two blockchain projects. There is so much excitement in the community and is considering EOS as the actual competitor of Ethereum.

Positive Developments

Rupsys recorded that EOS has gained from numerous positive developments and the best example is eToro’s decision to offer to deal with the digital coin. And the other example is the news that a letter of intent to invest $100 million in the projects using EOS has been signed by OK Blockchain Capital. He further stated that the price of the token has a positive reaction because of lots of positive news.

Robust Demand

Both Rupsys and Greenspan spoke to the strong demand of investors. Rupsys said that some traders may be concluding that EOS is a bargain, on the basis of the size of Ethereum market cap. And this insight may be powering strong demand for the digital coin.

Greenspan observed the speculative nature of EOS and stressed that the platform is fairly new. He said that though this currency is yet experimental, it looks like the alternative investors are breaking them up.