Evaluation of EOS’ Unfluctuating Booming Market
EOS is a decentralized operating system based on blockchain technology, and it is an ERC20 token which could be stored on any wallet that corroborated with the ethereum platform. It supports the dApps on a commercial scale by providing the core functionalities, which helps businesses to set up blockchain applications similar to web-based applications. A private company developed the EPSIC network but later was released as an open source platform. Around a billion tokens were sold by block one on the ethereum platform to ensure that the native tokens were available at the launch of the blockchain. EOS, the 4th largest cryptocurrency managed to get $170 million in the first step after the startup. The major advantage with the EOS network is the increased speed in transactions per second and the elimination of transaction fees. This was accomplished by using delegated PoS consensus protocol and by being multi-threaded – being able to run on various computers cores. It also provided a better development platform for dApps. Ever since the EOS’s mainnet hit the market, the price has been on a healthy rise.
Based on the reports from CoinMarketCap, EOS is the 4th largest cryptocurrency with a circulating supply of 906,245,118 EOS coins out of a total supply of 1,006,245,120 EOS. This supply predicts the cryptocurrency’s MCap value, trading at $3,232,118,816 USD for a 24h volume of $1,414,968,855 on February 28 at 13:24 UTC which is relatively higher by a massive 56.22% from its corresponding value of $2,068,934,237 USD on January 30. EOS’s market trend started on a positive note with the market cap value crossing 2.5 billion USD in January 2019. However, the currency’s value deteriorated between January 10 and February 08, touching the lowest value of USD 2,003,530,540 on January 28 at 22:34 UTC. Nevertheless, the market price of EOS started booming compensating for the losses and reached its all-time high of USD 3,972,946,683 on February 24 at 17:34 UTC. There is a slight declination of the current value by 18.65% from its peak price, although the overall market is on an uptrend. The 20-day EMA shows that leap in MCap values of EOS. The numbers rose by 30.12% from $2,483,998,616 on February 08 to the present day value. This free flowing increase gave the bulls an upper hand on the EOS’s market.
Statistics from Coinmarketcap shows that the current price of USD and BTC are $3.57 and 0.00092436 on February 28 at 13:24 UTC. The MCAp/USD pair took the lead followed by the price of BTC. The Price of USD has been ranging between 2.5 USD and 4 USD. However, on February 23 and 24, the price of USD touched its peak of 4.38 USD which is 18.49% higher than the current price. The cryptocurrency reached a milestone when the price of USD rallied from $2.80 on February 17 to $4.38 on February 24 with a whopping 56.43% hike within a week’s time. The bitcoin’s price has been leading compared to the MCap/USD pair after it surpassed the values on February 16. It overlapped the MCap value for a brief moment on February 13 after which the price has been on the uptrend. The price of Bitcoin touched its peak along with the MCap value and the price of USD on February 24, with a value of 0.00105398 which is 12.30 percent higher than the current price.
The 14-day Moving Average of this digital currency also exhibits an uptrend with Mcap value increasing from $2,501,599,622 on February 14 to the current value by 29.20%. The change in values within 24 hours has been on a 2.82% increase. With the percentage of both the moving averages on a remarkable difference with the present day value and the bullish pressure on the market, the cryptocurrency’s balance is in favor of the buyers with both long term and short term investments. Investors would see a good profit if this market trend continues in the future. Similarly, traders investing in this cryptocurrency will increase the value of both the currency and their investment.
