At the beginning of 2019, the cryptocurrency space enjoyed a highly impressive rally that saw Bitcoin replicate the sort of rally it enjoyed back in 2017. The rally in Bitcoin was also responsible for the resultant rally in other cryptocurrencies. However, although the fizz seems to have gone out of the market over the past few months, some cryptocurrencies are still generating impressive gains. The case in point is that of EOS.

What’s Coming Next?

In a new development, EOS has gone on an impressive rally over the weekend and has emerged as one of the biggest gainers among cryptocurrencies of late.

On Saturday, EOS hit $2.64 at one point and that price reflected a staggering drop of as much as 22% over the past Month. This was a significant development considering the fact that it reflects the biggest single-day gain generated by EOS since February this year. The rise in the price of EOS pushed its market capitalization to $3.07 billion.

That being said, it is also important to keep in mind that the current market cap is a far way away from its highest level of $17.52 billion. However, in this regard, it needs to be reiterated that the rally in EOS did not only take place on Saturday. It has been going on for around a week.

During the course of the past week or so, EOS has lost by as much as 13.48% and has displayed no real bottom strength. On the bright side, the traded volume of EOS tokens has also gone up significantly and on Saturday, it constituted as much as 3.3% of all traded volume in cryptocurrencies. That is a significant figure and one that indicates that there is now a lot of interest in EOS among crypto traders.

Although it is true that the current rally is sure to spark optimism among investors, it is important to keep in mind that EOS is still down by a lot when compared to its all-time high. In April 2018, it had hit $22.98 and currently, it is down by as much as 85.16% from all-time high.

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Elijah Vega
Independent Blockchain and Crypto Writer at Economic Gazette. I love fine wine and the Independence of being a writer.